NABARD raises more than ₹1000 crore via social bonds

Country’s apex development finance institution said these triple A rated bonds are evidence of its commitment to sustainable finance

September 26, 2023 09:07 pm | Updated 09:08 pm IST - MUMBAI

National Bank for Agriculture and Rural Development (NABARD) said it has issued its first rupee-denominated AAA rated social bonds with a total size of ₹1040.50 crore. The bonds issued privately to eligible institutional investors will be listed on the Bombay Stock Exchange (BSE) on September 29, 2023.

The face value of each bond is ₹1 lakh. The base issue size is ₹1,000 crore, with an option to retain oversubscription up to ₹2000 crore. 

NABARD said the issue received an overwhelming response from institutional investors, resulting in total bids of ₹8590.50 crore but ₹1040.50 crore was accepted at a coupon rate of 7.63%. The five-year-term bonds can be redeemed on 27 September 2028 with coupon payment taking place annually. 

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