Hero Future Energies Private Ltd on Friday announced the issuance of its first dollar-denominated bonds through Clean Renewable Power (Mauritius) Private Ltd, it’s wholly owned subsidiary.

“HFE’s green bond received orders of over $3 billion and was successfully priced at a coupon rate of 4.25 per cent for a six-year maturity period. The issuance was oversubscribed more than 8.5 times,” the firm said in a statement.

In February 2016, Hero Future Energies had announced that it secured funding of ₹300 crore through the issue of climate bonds.

“HFE’s first dollar bond offering has created a landmark by achieving the highest levels of over-subscription for any transaction out of India this year in the dollar bond market,” Rahul Munjal, Chairman & Managing Director, Hero Future Energies, said in the statement.

“The bond was launched to the market at an initial price guidance of 4.75 per cent. Given the strong demand from global accounts, price guidance was tightened by 50 bps,” added Ben Fraser, Chief Financial Officer, Hero Future Energies.

“Even with the largest tightening from any Indian credit this year, most investors continued to remain in our books, resulting in a final order-book of over $3 billion, with allocation of 58 per cent to Asian investors, 15 per cent to EMEA investors and 27 per cent to investors in the US,” Fraser added.