Greenko arm cancels dollar bond issue, to tap bank loans

Greenko Mauritius, a subsidiary of Greenko Energy Holdings focused on renewable energy, has decided against proceeding with its planned dollar bond issuance aimed at refinancing a $425-million bank loan. Fitch Ratings has withdrawn the 'BB' rating assigned to the proposed bond, indicating the bond issuance will not move forward as initially intended. Instead, Greenko Mauritius will explore alternative bank borrowing options. Earlier plans for the bond issuance were deferred due to volatility in interest rates. The company has secured a ₹6,200-crore credit line from NaBFID to partially refinance its offshore debt, underscoring its strategic financial planning amid current market conditions.