IRFC lists USD 750-million medium-term note on India INX
Indian Railway Finance Corporation (IRFC) has listed USD 750 million medium-term note on BSE-owned India International Exchange's debt listing platform, the bourse said on Friday. The issue is part of IRFC's USD 4-billion global medium-term note programme, the exchange said in a statement.
The issue, at a coupon of 2.8 per cent per annum, was over-subscribed by more than 4 times.
"IRFC raised USD 750 million in 10-year money under its USD 4-billion global medium-term note programme established on the Global Securities Market (GSM) of India International Exchange (India INX) at GIFT IFSC," the exchange said.
The company has already listed USD 1.5 billion bonds under its USD 4 billion global medium-term note programme and USD 500 million green bond issuance on India INX.
In market parlance, the medium-term note refers to a debt note that usually matures in 5-10 years.
"IRFC is happy to be listing again on India International Exchange at IFSC, GIFT City. This gives us immense opportunities to reach out to international investors and raise funds using a wide variety of products and currencies," Amitabh Banerjee, chairman and MD of IRFC, said.
He, further, said IRFC will continue to focus on the railway sector and play a critical role in the development, modernisation and growth of the Indian railways.
Since the launch of the global securities market platform in January 2018, medium-term notes worth over USD 50.5 billion and bonds to the tune of over USD 26.3 billion have been listed on the platform, India INX MD and CEO V Balasubramaniam said.
India INX is India's first international exchange set up at the Gujarat International Finance Tech-City.
