Committee recommends comprehensive regulatory regime for GIFT IFSC, submits report
It has recommended a comprehensive regulatory regime for undertaking bookkeeping, accounting, taxation and financial crime compliance services from IFSC in India.
Export-Import Bank of India (India Exim Bank) raised USD 1 Billion in ten-year money under its USD 10-billion global medium-term note programme established on the Global Securities Market (GSM) of India International Exchange at GIFT IFSC.
David Rasquinha, MD, Harsha Bangari, DMD, N Ramesh, DMD and Sudatta Mandal, CGM & CFO of India Exim Bank rang the bell on India INX celebrating the third bell ringing of India Exim Bank foreign currency bonds on India INX. The issue, at lowest ever coupon of 2.25% p.a., was oversubscribed by more than 3.5 times.
Commenting on the success, V Balasubramaniam, MD & CEO, INDIA INX said, “We are delighted to list one more drawdown of the USD 1 Bn notes under the USD 10 Bn GMTN programme of India Exim Bank at a record low coupon of 2.25% p.a. My heartiest congratulations to the India Exim Bank team for this achievement and thanks to the entire investment banking community involved in this issuance, viz. Barclays, Citigroup, HSBC, J.P.Morgan, MUFG and Standard Chartered. In 2021, we look forward to a healthy pipeline of offshore bond issuances listing on our platform.”
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Speaking on the occasion, David Rasquinha, MD, India Exim Bank said, “India Exim Bank is proud to open the global capital markets with a successful 10-year USD 1 bn issuance. The coupon of 2.25% p.a. is a record low for any 10-year bond issuance out of India. India Exim Bank’s all foreign currency bonds are already listed on India INX and it makes us proud to say that India Exim Bank is cumulatively the largest bond issuer listed on India INX. India Exim Bank continues to look forward to strengthening the relationship with Indian INX for its future issuances.”
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