Allen & Overy and AZB & Partners have advised Axis Bank on its inaugural $500 million green bond issue on the London Stock Exchange, India's first internationally-listed certified green bond. 

It is the largest green bond issued by an Indian bank and the first by an Asian bank to be certified by the Climate Bonds Initiative. 

The Allen & Overy team was led by U.S. securities partner Amit Singh in Hong Kong, while the AZB team was led by partner Shameek Chaudhuri.

The proceeds of the bond issue will be used to finance climate change solutions, including green energy, transportation and infrastructure projects. It reinforces India's aim to produce 175,000 MW of renewable power by 2022.

Axis Bank’s green bond will be the first green bond by an Indian issuer to be listed on the London Stock Exchange. It follows the listing of the first rupee-denominated bond on the London Stock Exchange, issued by the International Finance Corporation, in 2014.