Indian Railway Fin.

June 30 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC - APPOINTMENT OF DEEPA KOTNIS AS CFO

Source text: ID:nBSE9RCcTz

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** Shares of Indian Railway Finance Corp INID.NS fall 5.7% to 93.05 rupees, set for biggest pct drop since February 2025

** Indian government announces up to 2% stake divestment via offer-for-sale (OFS) in the railway financing co

** Floor price of OFS at 91 rupees, discount of nearly 8% to stock's closing price on Tuesday

** Stake sale part of Indian govt's 800 billion rupee ($8.44 billion) divestment and asset monetization target for fiscal year 2027; govt had tried to sell up to 4% of co in February but could offload only 1.71%

** Stock top pct loser on Nifty PSE index .NIFTYPSE, which is down 0.24%

** INID down 25% YTD

($1 = 94.8425 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

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The Government of India, acting through the Ministry of Railways, will sell up to 2 per cent of its stake in Indian Railway Finance Corporation through an offer for sale on June 24 and 25. The base sale is 130.7 million shares, with an equal over-subscription option, at a floor price of ₹91 per share. The transaction is designed to bring IRFC into compliance with the mandated 25 per cent minimum public shareholding rule. Goldman Sachs India Securities is the sole broker for the deal, with no discount offered to retail or employee bidders.

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June 23 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• GOVERNMENT SETS FLOOR PRICE OF 91 RUPEES/SHARE FOR IRFC'S OFS - BSE NOTICE (NOT IFRC)

Source text: [ID:]

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May 25 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC - IRFC SIGNS 135.27 BILLION RUPEES REFINANCING DEAL FOR HYDERABAD METRO

Source text: ID:nBSE5smMG0

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May 22 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• SIGNED LOAN AGREEMENT FOR RAISING EXTERNAL COMMERCIAL BORROWING LOAN OF JPY EQUIVALENT USD 1.1 BILLION

• SIGNED AGREEMENT WITH CONSORTIUM OF SBI, HDFC BANK, SUMITOMO MITSUI BANKING CORP, DBS BANK

Source text: ID:nBSE2cssdj

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May 14 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC MARCH-QUARTER PROFIT 16.84 BILLION RUPEES

• IRFC MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 73.36 BILLION RUPEES

Source text: ID:nnAZN4SW81R

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March 23 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC - SIGNS TERM LOAN AGREEMENT WITH HURL FOR 128.42 BILLION RUPEES REFINANCING

Source text: ID:nBSE8PGszg

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March 9 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC - DIVIDEND OF 1.05 RUPEES PER SHARE

• IRFC - APPROVES FUND RAISING UP TO 700 BILLION RUPEES

• IRFC - RAISING OF FUNDS UP TO 700 BILLION RUPEES FOR FINANCIAL YEAR 2026-27

Source text: ID:nBSE8J1F7J

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March 2 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• INDIA GOVERNMENT'S STAKE IN CO REDUCED TO 84.65% FROM 86.36% AFTER OFFER FOR SALE

Source text: ID:nBSE5nWlBG

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Feb 25 (Reuters) - India will not exercise the oversubscription option for the Indian Railway Finance Corp offer-for-sale after the base offer did not receive full bids on the first day, an exchange filing showed on Wednesday.

Here are some details:

• India said on Tuesday it would divest an up to 4% stake in Indian Railway Finance Corp through an offer-for-sale, including a 2% base offer and an additional 2% via the oversubscription option.

• The Indian government currently owns an 86.36% stake in the financing arm of the Indian Railways.

• The floor price for the OFS was set at 104 rupees, implying a 5% discount to the stock's closing price on Tuesday.

• The oversubscription option allows the seller to potentially sell more shares than the base offer if investor demand is higher than expected.

• The sale opened on Wednesday to non-retail investors and recorded an under-subscription of 11.8 million shares for the base issue.

• The government said the total offer size would remain the same as the base offer size of a 2% stake.

• Of the offer size, 14.52% will be available for bids by retail investors on Thursday.

(Reporting by Mridula Kumar and Nishit Navin in Bengaluru; Editing by Shilpi Majumdar)

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Feb 24 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• FLOOR PRICE FOR OFFER FOR SALE IS 104 RUPEES PER SHARE

Source text: ID:nBSE4t5nyN

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Feb 3 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC - SIGNS STRATEGIC MOU FOR TUTICORIN PORT DEVELOPMENT

Source text: ID:nBSE7ZWHTX

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Jan 19 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• INDIAN RAILWAY FINANCE CORP STANDALONE DEC-QUARTER PROFIT 18.02 BILLION RUPEES

• INDIAN RAILWAY FINANCE CORP STANDALONE DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 66.61 BILLION RUPEES

Source text: [ID:]

Further company coverage: INID.NS

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Aug 21 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC EXECUTES REFINANCING FOR BHARTIYA RAIL BIJLEE COMPANY

Source text: ID:nNSE8SXG6p

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By Dharamraj Dhutia

MUMBAI, June 16 (Reuters) - Three Indian state-run companies are likely to delay raising funds through deep-discount zero-coupon bonds as investor appetite has weakened, three merchant bankers said.

State-run Indian Railway Finance Corp INID.NS, Housing and Urban Development Corp HUDC.NS and REC RECM.NS were set to test the market but have been advised by their bankers to hold off, they said.

"We have advised companies to wait for at least two to three months, because under the current scenario, there is no appetite for these bonds," one of the bankers said.

The bankers requested anonymity as they are not authorised to speak to media. None of the companies replied to Reuters' emails seeking comment.

Deep-discount bonds are typically issued at a discount of over 20%-25% to their face value and do not pay interest.

Last Monday, Power Finance Corp was forced to withdraw its planned deep-discount bond issue for the second time in under six weeks due to weak demand.

"The recent pickup in yields and escalating geopolitical situation in the Middle East will further sway investors away from these instruments for the time being," said Umesh Khandelwal, chief business officer at bond arranger Tipsons Group.

Refinitiv benchmark AAA-rated 10-year corporate bond yield has risen nearly 20 basis points since the central bank changed its policy stance to "neutral" from "accommodative" on June 6.

Market participants have highlighted concerns of excess supply as the Indian government has approved issuance of such bonds worth 495 billion rupees ($5.6 billion) and more state-run companies are expected to get the go-ahead. The firms have to raise these funds by March 2027.

A lack of liquidity in the secondary market and losses faced by investors of an issuance by REC are also acting as deterrents, traders said.

In September 2024, REC raised 50 billion rupees through deep-discount bonds at a yield of 6.25%.

Companies that have received approval to issue deep-discount bonds:

($1 = 86.0400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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April 28 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• MARCH-QUARTER NET PROFIT 16.82 BILLION RUPEES

• MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 67.23 BILLION RUPEES

• APPROVED RAISING OF RESOURCES FOR FY 2025-26 UP TO 600 BLN RUPEES

Source text: [ID:]

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MUMBAI, April 24 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 30 billion rupees ($351.24 million) for bonds maturing in five years, three bankers said on Thursday.

The company will pay an annual coupon of 6.78% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

IRFC did not reply to a Reuters request for comment.

Here is the list of deals reported so far on April 24:

*Size includes base plus greenshoe for some issues

($1 = 85.4120 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

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MUMBAI, April 23 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($351.96 million), including a greenshoe option of 25 billion rupees, through the sale of bonds maturing in five years, three bankers said on Wednesday.

The company has invited coupon and commitment bids from bankers and investors on Thursday, they said.

IRFC did not reply to a Reuters request for comment.

Here is the list of deals reported so far on April 23:

*Size includes base plus greenshoe for some issues

($1 = 85.2380 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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Updates throughout

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.

These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.

REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.

REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.

Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.

The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.

For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.

"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.

Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.

"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.

The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.

HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.

($1 = 85.1780 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)

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April 21 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• INDIAN RAILWAY FINANCE CORP LTD - BOARD TO CONSIDER MARKET BORROWING PROGRAMME FOR FY 2025-26

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April 16 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• MADRAS HIGH COURT SETS ASIDE GST DEMAND ORDER OF 2.31 BILLION RUPEES

Source text: ID:nBSE8gXY1P

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MUMBAI, March 26 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 30 billion rupees ($349.7 million), including a greenshoe option of 25 billion rupees, through the sale of bonds maturing in 10 years and one month, three bankers said on Tuesday.

The company has invited coupon and commitment bids from bankers and investors on Wednesday, they said.

IRFC did not reply to a Reuters request for comment.

Here is the list of deals reported so far on March 26:

*Size includes base plus greenshoe for some issues

($1 = 85.7910 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

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March 25 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC ENTERS LOAN AGREEMENT WITH NTPC REL

• LOAN AGREEMENT SIZE IS 50 BILLION RUPEES

Source text: ID:nBSEbnmgjD

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March 17 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC - DIVIDEND 0.80 RUPEES PER SHARE

Source text: ID:nnAZN3K8HV3

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MUMBAI, Feb 12 (Reuters) - Indian Railway Finance Corp (IRFC) has accepted bids worth 30 billion rupees ($345.28 million) for bonds maturing in 15 years, three bankers said on Wednesday.

The company will pay an annual coupon of 7.28% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.

IRFC did not reply to a Reuters request for comment.


Here is the list of deals reported so far on February 12:

* Size includes base plus greenshoe for some issues

($1 = 86.8850 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)

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MUMBAI, Feb 10 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($343.17 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 15 years, three bankers said on Monday.

The state-run company has invited coupon and commitment bids from bankers and investors on Wednesday, the bankers said.

The company did not immediately reply to a Reuters request seeking comment.

Here is the list of deals reported so far on February 10:

*Size includes base plus greenshoe for some issues

($1 = 87.4200 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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Jan 20 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:

• IRFC DEC-QUARTER PROFIT 16.31 BILLION RUPEES

• IRFC DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 67.63 BILLION RUPEES

Source text: ID:nBSE9qKKJC

Further company coverage: INID.NS

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MUMBAI, Jan 15 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 27.80 billion rupees ($321.54 million) for bonds maturing in 10 years, three bankers said on Wednesday.

The state-run company will pay an annual coupon of 7.25% and had invited coupon and commitment bids from bankers and investors earlier in the day, the bankers said.

The company did not immediately reply to a Reuters request seeking comment.

Here is the list of deals reported so far on Jan. 15

*Size includes base plus greenshoe for some issues

($1 = 86.4580 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, Jan 14 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS plans to raise 30 billion rupees ($346.5 million), including a greenshoe option of 25 billion rupees, by selling bonds maturing in 10 years, three bankers said on Tuesday.

The state-run company has invited coupon and commitment bids from bankers and investors on Wednesday, the bankers said.

The company did not immediately reply to a Reuters request seeking comment.

Here is the list of deals reported so far on Jan. 14:

*Size includes base plus greenshoe for some issues

($1 = 86.5730 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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