Sagarmala Finance Corporation to Issue India's First Blue Bond on September 28

Key facts

• Sagarmala Finance Corporation, India's first maritime lender, plans to launch the country's maiden blue bond on September 28.
• The company aims to raise 6 billion rupees ($62.62 million), including a greenshoe option of 5 billion rupees, through 10-year bonds.
• Blue bonds are debt instruments used to finance sustainable water and marine projects such as clean water, recycling, shipping, sustainable fishing, ocean energy and mapping.
• Proceeds will fund maritime sector lending, greenfield port projects and coastal road networks, to be used within the current financial year.
• SBI Capital Markets is arranging the issue, which is rated AA+ by Icra and Care; investors will submit coupon and commitment bids on Monday.
• The company has approached large insurance and provident fund players to invest in the issue.
• Vadodara Municipal Corporation in Gujarat plans to raise around 2 billion rupees through blue bonds soon.