The Indian Railway Finance Corporation (IRFC) has hit the international debt market with a USD 500 million bond sale as part of its fund raising plans.
The IRFC is in the dollar bond market with a benchmark issue, planning to raise around USD 500 million, an i-banker working on the issue told PTI today.
The corporation is likely to close the issue tonight, the source added.
Meanwhile, Moody's has assigned a Baa2 rating to the proposed standalone USD senior unsecured green bonds with stable outlook.
"IRFC's ratings are derived primarily from its close links with the government, because the company is the external borrowing arm of the Railway ministry. IRFC raises funds for capital investment in railway infrastructure, which it then leases to the ministry," Moody's said.
Last week, Reliance Industries had sold USD 800 million worth of debt to foreign investors at the lowest ever price.
Reliance raised USD 800 million by selling 10-year bonds - the first offering since Moody's raised the sovereign rating at 3.66 per cent, the lowest coupon ever achieved by a domestic corporate for a 10-year issuance.
In September, domestic companies raised USD 3.28 billion debt from overseas market led by PowerGrid Corporation and Exim Bank which raised USD 500 million each, according to the data from the RBI.
HDFC raised USD 201 million or each through masala bonds, and power producer NTPC raised USD 353.89 million overseas debt while oil-major IOC raised USD 300 million and the largest steel maker Sail too raised USD 350 million.
Other companies, which raised funds through the ECB route include, L&T, Dassault Reliance Aerospace, Cadila Healthcare, Apollo Tyres, and Birla Corporation.
Total fund raised through ECB and FCCB by Indian companies was USD 1.56 billion in August this year according to RBI data.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)