Indian Railway Finance Corporation (IRFC) has raised $500 million (about Rs 3,500 crore) through issuance of green offshore bonds. The bonds issuance is part of the $7 billion Global Medium Term Note (GMTN) Programme. 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.
IRFC was incorporated as the dedicated market borrowing arm for the Indian Railways and has played a strategic role in financing the latter's operations.
