Indian Railways raises $500 million though its green bond

The Indian Railways Finance Corporation has raised $500 million through the issuance of its first green bond on the London Stock Exchange’s new International Securities Market. The Climate Bonds Initiative-certified green bond was oversubscribed by more than three times. It has an annual coupon rate of 3.835 per cent for a 10-year period. The proceeds from the issuance will be used for supporting the company’s green projects such as electrification of rail tracks across the country, financing or refinancing the railway infrastructure for dedicated freight lines, and passenger transportation.

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