New Delhi, Oct 13 (PTI) The Inland Waterways Authority ofIndia (IWAI) has raised Rs 660 crore through bonds and theproceeds will be utilised exclusively to develop NationalWaterways, the government said today.
"The IWAI has raised Rs 660 crore as 'GOI Fully ServicedBonds'. The resources raised by way of bonds are in additionto the budgetary support from the Government of India. TheGovernment had taken a decision to enable IWAI to raise Rs 660crore through GOI Fully Serviced Bonds in 2017-18," Ministryof Shipping said in a statement.
The IWAI had engaged arrangers, credit rating agencies,registrars and trustees prior to raising the bonds.
Both CRISIL and CARE rated the proposed instrument ofIWAI as "AAA: STABLE".
"The e-bidding for raising the bonds was organised on11th October, 2017 on the BSE Portal with the issue size of Rs300 crore and Green Shoe option of Rs 360 crore," thestatement said.
It said the issue was oversubscribed and the entireamount of Rs 660 crore has been raised in single tranche at acoupon rate of 7.47 per cent.
"The proceeds from the Bonds are intended to be utilisedby IWAI exclusively for capital expenditure for development ofNational Waterways (NWs) under National Waterway Act, 2016during 2017-18," the statement said.
Parliament recently had given nod to declare 106 riversacross the country as National Waterways in addition to theexisting 5. PTI NAMBAL.
This is unedited, unformatted feed from the Press Trust of India wire.