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IRFC Raises $500 Million Through Offshore Green Bonds

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Indian Railway Finance Corporation (IRFC) has raised $500 million (about Rs 3,500 crore) through issuance of green offshore bonds. IRFC is the dedicated market borrowing arm of the Indian Railways.

IRFC has launched $500 million 144A/Reg S USD Bonds under the 7 billion Global Medium Term Note (GMTN) Programme rated at par with the sovereign, with exclusive listing at India INX and NSE-IFSC.

The bonds were issued in a single tranche of 10-year and the order book was over-subscribed to the tune of 2.4 times.

The company is the first Central Public Sector Enterprise (CPSE) to list its offshore bonds exclusively at Indian stock exchanges established in the GIFT City, Gandhinagar.

Speaking on the exclusive listing, Shri. Amitabh Banerjee, Chairman and Managing Director, IRFC said “IRFC’s return to the bond market and the overwhelming support from international investors underscores the confidence in IRFC as the premier quasi-sovereign issuer in the country.”

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Listing of Green Offshore Bonds by IRFC shall give impetus to other CPSEs and other SOEs across India to follow the same path and proceed with exclusive listing at Indian Stock Exchanges, he added.

The funds raised under IRFC 144/Reg S Green bonds shall assist Indian Railways in meeting its target of carbon neutrality and meeting the wider targets set by the Government of India to meet the emission and carbon norms decided in COP26.

The funds raised under the IRFC 144/Reg S Green Bonds shall be utilized for green end uses as iterated in IRFC’s Green Framework for Green Debt Financing which has been duly certified by Climate Bonds Initiative.

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