IFC Raises Rs 180 Crore Via 'Maharaja Bonds'

Mumbai: IFC, part of the World Bank group, on Tuesday said it has raised an $27 million or Rs 180 crore by issuing rupee-denominated 'Maharaja' bonds under a $2.5 billion programme.

The money will be invested in the country's infrastructure sector and the bonds are listed on the National Stock Exchange, an IFC statement said here.

"By reissuing Maharaja bonds we are making a new contribution to the development of India's debt capital markets, while channelling domestic savings for infrastructure investment in the country," the firm's vice-president and treasurer Jingdong Hua said.

"IFC reissuing bonds will contribute to efficient secondary markets price discovery as issue size grows," NSE's managing director and chief executive Chitra Ramkrishna said.

IFC had first issued the rupee-denominated Maharaja bonds in September 2014, when it had raised $100 million from international and domestic institutional investors.

The statement issued on Tuesday said at that time, two domestic investors had agreed to purchase up to Rs 204 crore in separately tradeable redeemable principal parts (STRPP) with tenors from 13 to 18 years.

The lead arrangers for the current reissue are HSBC, ICICI Securities PD, and SBI Capital Markets, it said.