Indian Railways first in line to raise rupee bonds offshore

April 22, 2015 9:43 AM

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MUMBAI, April 22 (Reuters) - Indian Railways Finance Corp, the finance arm of Asia's largest rail network, plans to raise up to $1 billion through offshore rupee bonds, making it the first domestic issuer to eye so-called "masala" debt to diversify its source of funds.

The Reserve Bank of India gave Indian companies the green light to raise bonds offshore in rupees earlier this month, a move seen as a small step towards full rupee convertibility, one of the objectives set by Reserve Bank of India Governor Raghuram Rajan when he took charge in 2013.

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