IRFC raises Rs 1,375 cr by issuing bonds
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The Indian Railway Finance Corporation (IRFC), the dedicated financing arm of the Indian Railways has raised Rs 1,375 crore through issuance of domestic bonds.
The fund has been raised at 6.80 percent coupon rate with 20-year maturity, IRFC said in a statement.
"The bond issuance received a very good response from the investors comprising long term/ultra-long-term investors including primarily the provident funds. The issue was oversubscribed by six times as compared to the base issue size of Rs 500 crore," said a company statement.
With the current issuance, the cumulative fund raising through 20-year bond issuance in the domestic capital market during the current fiscal has touched around Rs 13,970 crore, it said.
The corporate bonds in the domestic market are liquid for tenor up to 10 years. Such large issuances by IRFC have deepened the corporate bond market.
