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IIFCL to raise ₹17,000 crore through bonds in FY24


Mumbai: State-owned infrastructure lender India Infrastructure Finance Company Ltd (IIFCL) plans to raise 17,000 crore in bonds this financial year as it prepares a war chest to meet the growing demand for project finance, managing director PR Jaishankar said on Wednesday.

The company recently rose 500 crore through a 10-year bond at 7.46% and Jaishankar said the lender did not use the green option despite strong demand from investors.

“In a few months, we will build another one 2,000-3,000 crore through bonds. There will be between five and six such questions this year,” he said.

Jaishankar said that IIFCL has set a sanction target 50,000 crore loans in FY24, which are likely to be disbursed 25,000 crore.

Established in 2006, IIFCL caters to infrastructure sub-sectors through products such as direct lending, acceptance finance, credit enhancement, InvITs, infrastructure bonds and refinancing for banks as well as other eligible financial institutions for their infrastructure project loans.

IIFCL posted a year-on-year growth of 7.42% on its standalone loan portfolio to 42,271 crore in FY23 from 39,352 crore in FY22. To improve the quality of IIFCL’s assets and to increase the availability of longer tenure debt finance for infrastructure projects, IIFCL took up investment in infrastructure bonds in FY22 with Rs. 975 crore in project bonds and Rs. 325 crore in bonds issued by renewable energy InvIT, it said in a statement in May.

“The company recorded a significant increase in the investments made in bonds and InvITs 6,200 crore and 6,800 crore respectively, aggregating to 13,000 crore as on March 31,” he said.

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Updated: 21 June 2023, 06:42 PM IST

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