International Finance Corporation Raises Rs 600 Crore Through Bonds

International Finance Corporation (IFC), a wing of the World Bank, has raised Rs 600 crore through its rupee-linked bonds that will be listed on the National Stock Exchange (NSE) by this week. The bonds are called IFC Maharaja Bonds, and they have been issued to support the capital markets and provide funding for various infrastructure projects.

IFC may issue more such bonds as and when it requires funds for its projects. It is after 10 years that a foreign institution is raising funds through bonds after the Asian Development Bank (ADB).

Earlier this year, IFC had undertaken an offshore bond programme, raising $1 billion worldwide.

IFC’s Global Treasury Head (client solutions), Keshav Gaur, said the onshore bond was mainly subscribed by institutional investors, both domestic and foreign.

“With these Maharaja Bonds, we are creating value for investors,” IFC South Asia regional director Serge Devieux said. He added that the bonds received a good response from investors.