STATE OWNED IIFCL TO RAISE RS.2000 CRORE FROM TAXABLE BONDS

State-owned India Infrastructure Finance Company Ltd (IIFCL) is planning to raise about Rs 2,000 crore from taxable bonds this quarter for project lending.

“Our board has given approval for raising Rs 10,000 crore over the next few months in tranches. In the first tranche we will do Rs 1,500-2,000 crore through bonds issuance,” IIFCL Deputy Managing Director Sanjeev Kaushik told PTI.

This fund raising could be done either by March or April, he said.

Besides, infrastructure debt fund  (IDF), promoted by IIFCL, is in the process of raising Rs 1,000 crore from the second tranche to finance renewal energy projects.

The IDF has raised Rs 500 crore and remaining Rs 500 crore is expected to be tied up in the next few months, he said.

Asked about the investors who are willing to make investment in the IDF, he said, general insurance companies and few foreign investors including Kfw have shown interest.

The entire fund raised will be utilised for funding environmentally sustainable infrastructure projects like renewable energy.

It had raised its maiden scheme of Rs 300 crore in February 2014 and was the first IDF scheme of the country with units listed on BSE.

IIFCL, a wholly-owned Government of India company, was set up in 2006 to provide long-term finance to viable infrastructure projects through the Scheme for Financing Viable Infrastructure Projects through a Special Purpose Vehicle – IIFCL.

The authorised and paid up capital of the company as on September 30, 2015 stood at Rs 5,000 crore and Rs 3,900 crore respectively. Courtesy: Agencies (PTI)