JOIN USIFC, a member of the World Bank Group, has raised an outstanding Maharaja bond of an additional Rs 180 crore ($27 million) for infrastructure investment in India. The IFC Maharaja bonds, listed on the NSE, are issued under a $2.5 billion programme and the proceeds are invested to support the country’s infrastructure development.
In September 2014, IFC issued the first Maharaja bonds, raising Rs 600 crore ($100 million) from international and domestic institutional investors. The bonds were offered in four tranches with different maturities: a five-year bullet bond of Rs 150 crore ($25 million), a 10-year bullet bond of Rs 150 crore and two separately tradeable redeemable principal part (STRPPs) tranches of Rs 300 crore ($50 million), with maturities ranging from 13 to 20 years, IFC said.