IWAI raises Rs 3.4 billion via bonds

The Inland Waterways Authority of India (IWAI) has raised funds amounting to Rs 3.4 billion through its maiden bond issue from the market. The fully serviced Government of India bonds were privately placed with banks and financial institutions on March 1, 2017. The bond issue was oversubscribed with a total mobilisation of Rs 3.4 billion as against the announced size of Rs 2 billion. The bonds have been issued to finance IWAI’s plans of developing national waterways in the country.