Indian Railway Finance Corporation dedicated financing arm of the Indian Railways, exclusively lists USD 500 Mn Green bonds in IFSC

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Indian Railway Finance Corporation, dedicated financing arm of the Indian Railways, exclusively lists USD 500 Mn Green bonds in IFSC.

In a first, IRFC, India’s esteemed Miniratna company, listed their USD 500 Mn Green Bonds exclusively in GIFT IFSC today. The issuer will also reap the benefit of lower withholding tax of 4% by having chosen to list exclusively in GIFT IFSC.

Commenting on the listing, Shri Injeti Srinivas, Chairman IFSCA said “We are delighted to note that IRFC has chosen to list their green bonds of USD 500 million exclusively on the IFSC exchanges. IFSCA aims to develop IFSC as a gateway for mobilizing foreign capital towards green financing and sustainable financing in India. Towards this objective, IFSCA has already specified the regulatory framework for listing of ESG debt securities based on global standards. The exclusive listing by IRFC demonstrates the competitiveness of IFSC in providing international financial services. We would encourage Indian corporates, including other PSUs, to consider listing their foreign currency bonds on the IFSC exchanges.”

Commenting on the listing, Shri Amitabh Banerjee, Chairman and Managing Director IRFC, said “IRFC Green Bonds 2022 shall help open new avenues of resource mobilization ensuring sustainable development impacting the lives of the masses using Public Transport. Further, IRFC Green Bonds 2022 shall help revolutionize the Indian credit market by opening the Indian credit market through introduction of new set of investors and products.”

Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “Today’s green bond listing exclusively in IFSC by IRFC is an important step with IRFC becoming the first Central Public Sector Enterprise (CPSE) to exclusively list in GIFT IFSC. This takes our green bond issuance on India INX to USD 5 Bn plus and total bond listings to over USD 34+ Billion with the total medium term notes established to the tune of USD 58+ Bn . This is a benchmark listing and we are sure this has paved way for other several issuers to follow.”

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