India INX lists IRFC’s green bonds—1st debt security at IFSC
IRFC green bonds have become the first debt security to be listed on an exchange at International Financial Services Centre (IFSC) in Gujarat’s GIFT city
Mumbai: BSE’s India International Exchange (India INX) on Saturday listed Indian Railway Finance Corporation’s (IRFC) green bonds on its debt listing platform—the global securities market.
With this, IRFC green bonds have become the first debt security to be listed on an exchange at International Financial Services Centre (IFSC) in Gujarat’s GIFT city. IRFC had last year raised $500 million from the 10 year green bond from investors in Asia, Europe and offshore US through listing on the London Stock Exchange (LSE).
Listing the bond on India INX at an event organised by the BSE, railway minister Piyush Goyal said, “India is the fastest-growing economy in the world and our need to raise funds is a continuous process.”
“To have a platform to tap global investors by issuing bonds in any currency is the first of its kind in India and India INX as India’s first international exchange at IFSC Gift city, Gandhinagar has yet again been a pioneer in this. In a country like ours, this will make global investors and funds more accessible to Indian and foreign issuers at a fraction of cost that is being incurred today by issuers,” he added.
The bonds have an annual yield of 3.835%. “We are excited to be the first issuer to list on BSE’s India International Exchange. Such a listing platform from India INX will now help us to tap global investors from India going forward,” IRFC chairman B.N. Mohapatra said.
India INX’s Global Securities Market (GSM) segment, India’s first debt listing platform, allows raising funds in any currency of choice by both foreign and Indian issuers from investors across the globe.
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