Inland Waterways Authority of India raises Rs 6.6 billion through bonds

The Inland Waterways Authority of India (IWAI) has raised extra budgetary resources (EBRs) amounting to Rs 6.6 billion as Government of India fully serviced bonds. These EBRs raised by way of bonds are in addition to budgetary support from the government. The proceeds from the bonds are intended to be utilised by IWAI exclusively for capital expenditure during 2017-18 for the development of national waterways, under the National Waterways Act, 2016. The e-bidding for raising the bonds was held on October 11, 2017, with an issue size of Rs 3 billion and a greenshoe option of Rs 3.6 billion. The issue was oversubscribed and the entire Rs 6.6 billion has been raised in a single tranche at a coupon rate of 7.47 per cent.


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