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Amarchand Mumbai on IFC’s $1bn Rupee bond

Amarchand Mangaldas Mumbai has been instructed by the World Bank’s International Finance Corporation (IFC) on the record $1bn (Rs 6100 crore) offshore Rupee bond programme, which is hoped to shore up the Rupee capital markets and foreign investment.

Mumbai region managing partner Cyril Shroff and debt capital markets partner Niloufer Lam acted for IFC confirmed a spokesperson for the firm, but declined to comment further.

“The initial subscription, repayment of principal and coupon will be in dollars but tied to the dollar rupee exchange rate. So for the investor the bond offers the convenience of a dollar denominated bond but the proceeds are linked to the dollar rupee exchange rate,” an IFC spokesperson told Mint.

Proceeds of the bonds, which are expected to be listed in Luxembourg, would be converted into Rupees and invested in India.

At the time of going to press Legally India could not confirm the international legal counsel.

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