These dealers are BNP Paribas, DBS Bank Limited, MUFG Securities Asia Limited, State Bank of India (London branch) and Standard Chartered Bank.
The net proceeds from each issue of the notes under the MTN Program would be used by REC to finance the power infrastructure projects in India, or to refinance the existing borrowings extended to such projects in accordance with the approvals granted by the Reserve Bank of India (RBI) from time to time, and the External Commercial Borrowings (ECB) guidelines.
REC's MTN Program is listed at the Singapore Exchange Securities Trading Limited, the London Stock Exchange's International Securities Market, the India International Exchange Limited, and the National Stock Exchange IFSC Limited, according to the 8 September 2022 offering circular.
The capital markets practice team of Cyril Amarchand Mangaldas advising the merchant bankers was led by Gokul Rajan (partner and regional head-North), with support from associates Chinar Gupta and Iti Mishra.
Other involved in the transaction were Allen & Overy (Asia), which acted as an international legal counsel for REC; and Linklaters (Singapore) acting as international legal counsel for the dealers.