IIFCL to raise Rs 17,000 cr from bond issuances in FY24

Infra financier IIFCL is targeting to raise up to Rs 17,000 crore through bond issuances in FY24, a top official said on Tuesday. The state-run company has already raised Rs 500 crore through a bond issue and will be doing issuances in tranches of Rs 2,000-3,000 crore going ahead, its managing director P R Jaishankar told reporters here. He said India Infrastructure Finance Company (IIFCL) will be looking at five to six more tranches of bond issuances in the remainder of the year to meet the target. The company feels that the price of bond borrowings is cheaper and will be relying more on such instruments as part of its overall liability management, he said, specifying that in FY23, its bond issuances were only Rs 6,000 crore. As the bond borrowings go up, the share of bank borrowings will go down, he said. It is also looking at issuing dollar bonds going forward, but nothing has been firmed up yet on it, Jaishankar said. The company has set itself a target of sanctioning up to Rs 50,000 crore of infra loans in FY24, and disbursing around Rs 25,000 crore, Jaishankar said. It is looking at setting up an Alternative Investment Fund at India’s International Financial Services Centre at Gandhinagar, he said. Jaishankar said the presence in Gandhinagar, its headquarters in New Delhi and London will be important points of presence for the company going forward. During an interaction with stakeholders in the financial capital, he also pitched for electric vehicles being classified under the infrastructure umbrella.