Monday 15 January 2018

IRFC lists green bonds at India INX Exchange

IRFC bond listing at India INX Exchange at GIFT IFSC

India INX Exchange is BSE’s international exchange at GIFT City, Gujarat.

The BSE’s India International Exchange has listed Indian Railway Finance Corporation’s green bonds on its debt listing platforms at GIFT City. Gujarat International Finance City near Gandhinagar is India’s first financial SEZ and smart city. India INX exchange at GIFT has a daily turnover of Rs. 1400 crores. IRFC, the financial arm of Indian Railways recently raised $500 million from 10 year green bonds at London Stock Exchange. IRFC green bonds have become the first debt security to be listed on GIFT IFSC.

Listing the bond on India INX at an event organised by the BSE in Mumbai, 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 per cent.

"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.

Source – GIFT City Press Release

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