IRFC becomes first CPSE to list Green Offshore Bonds at Indian stock exchanges
Indian Railway Finance Corporation Limited (IRFC) has become the first Central Public Sector Enterprise (CPSE) to exclusively list its Green Offshore Bonds at Indian stock exchanges.
- The bond was listed at India International Exchange established in the GIFT City, Gandhinagar, Gujarat .
- IRFC raised $500 million and the duration of the bond was 10 years.
It is a type of debt instrument issued by a company to fund projects which have positive climate or environmental projects .
For example it will be used to provide loans to set up solar projects which are environmentally friendly and not to fund coal based power plants which harm the environment .
Bonds which are issued by a company outside its country . For example IRFC is an Indian company but it raised $500 million by issuing bonds outside India . Hence it was an off-shore bond issue.
Central Public Sector Enterprises are those companies in which the direct holding of the Central Government or other CPSEs owned by the Central Government is 51% or more.
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