A leading domestic stock exchange on Tuesday reported that World Bank Group member International Finance Corporation (IFC) reissued Maharaja bonds to raise an additional $27 million for infrastructure investment in India.
According to the National Stock Exchange (NSE), the latest IFC move is the first for a non-government issuer to reissue debt securities in the domestic rupee markets.
"IFC re-issuing bonds will contribute to efficient secondary markets price discovery as issue size grows. We are committed to growing corporate bond markets in India as we have equity and currency markets," said Chitra Ramakrishna, managing director and chief executive, NSE.
Listed on the NSE, the IFC Maharaja bonds have been issued under a $2.5 billion programme whose proceeds are aimed at investments supporting India's infrastructure development.
Setting the international triple-A benchmark for India's domestic capital markets, IFC first issued Maharaja bonds in September 2014, NSE said in a statement.
"By reissuing Maharaja bonds we are making a new contribution to the development of India's debt capital markets, while channeling domestic savings for infrastructure investment in the country" said Jingdong Hua, vice president, IFC.