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. 

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.