Infrastructure Leasing & Financial Services Ltd. is looking to raise more than US$1 billion through the sale of rupee-denominated bonds in India and overseas to fund transportation projects in India, Bloomberg reported Dec. 8, citing the company's managing director, Ramesh Bawa.
The company plans to sell 50 billion rupees of bonds in India in the coming six months to help its units with projects, Bawa said. He added that the company also intends to sell a further US$300 million of offshore rupee notes in January 2017, targeting a coupon of 9% per year.
The company is hoping that the government's target to spend up to US$14.5 billion in the fiscal year ending March 31, 2017, to expand India's network of roads and ports will attract investors to the debt sale.
As of Dec. 8, US$1 was equivalent to 67.42 Indian rupees.