Indian Railway Finance Corporation (IRFC) on January 24 listed its $500 million green bonds exclusively on BSE-arm India INX international exchange at Gujarat International Finance Tec-City International Finance Services Center.
“IRFC Green Bonds 2022 shall help open new avenues of resource mobilization ensuring sustainable development impacting the lives of the masses using Public Transport,” said Amitabh Banerjee, chairman and managing director at IRFC in a press statement.
IRFC, the issuer of the green bond, will also benefit from a lower withholding tax of 4 percent that companies are offered for exclusively listing their bonds on the GIFT IFSC.
The listing takes green bonds listed on the India INX platform at GIFT IFSC to $5 billion and overall bond listing to more than $34 billion. “This is a benchmark listing and we are sure this has paved way for other several issuers to follow,” said V Balasubramaniam, managing director and chief executive officer at INDIA INX.
Injeti Srinivas, chairman of IFSCA, said that the exclusive listing of the green bonds issued by IRFC demonstrated the competitiveness of IFSC in providing international financial services. “We would encourage Indian corporates, including other PSUs, to consider listing their foreign currency bonds on the IFSC exchanges,” he said.
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