The Inland Waterways Authority of India (IWAI) has raised Rs. 660
crore as “GOI Fully Serviced Bonds”. The resources raised by way of bonds are
in addition to the budgetary support from the Government of India. The
Government had taken a decision to enable IWAI to raise Rs 660 crore through
GOI Fully Serviced Bonds in 2017-18.
The IWAI had engaged arrangers, credit rating agencies, registrars and
trustees prior to raising the Bonds. Both CRISIL and CARE rated the proposed
instrument of IWAI as “AAA: STABLE”. The
e-bidding for raising the bonds was organized on October 11th on the Bombay Stock
Exchange Portal with the issue size of Rs. 300 crore and Green Shoe option of
Rs. 360 crore. The issue was
oversubscribed and the entire amount of Rs.660 crore has been raised in single
tranche at a coupon rate of 7.47 percent.
The proceeds from the Bonds are intended to be utilized by IWAI
exclusively for capital expenditure for development of National Waterways (NWs)
under National Waterway Act, 2016 during 2017-18.