IRFC lists $750-mn medium-term note on India INX

NEW DELHI: Indian Railway Finance Corporation (IRFC) has listed $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 $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 $750 million in 10-year money under its $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 $1.5 billion bonds under its $4 billion global medium-term note programme and $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 $50.5 billion and bonds to the tune of over $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.

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