Exim Bank raises $124 million through bond sale

MUMBAI: The Export Import Bank of India (Exim) today said it has raised USD 124 million through a bond sale to Japanese retail investors, the first such bond issue by an Indian company.

The bank raised the money through three tranches at coupons ranging from 1.31 per cent to 7.74 per cent, Exim said in a statement here.

This is the first time that an Indian firm has raised money through `Uridashi', a bond denominated in a foreign currency and sold directly to Japanese retail investors.

Exim Bank had a rating of BBB+, at par with that of Government of India, and the premier export finance institution claimed this is a rare instance of a company raising money in spite of not having been rated AAA or AA.

The issue, aimed at diversifying the funding channels for the bank, was arranged by Mizuho Securities Asia Ltd, it said.