Indian Railway Finance Corporation Limited has informed the Exchange regarding a press release dated May 22, 2026, titled "IRFC raises JPY-equivalent USD 1.1 Billion ECB, marks first ECB in FY 2026 27".
IRFC · price
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IRFC has signed a loan agreement with a consortium of five lenders — State Bank of India, HDFC Bank Ltd, Sumitomo Mitsui Banking Corporation (GIFT City Branch), and DBS Bank Ltd — to raise an External Commercial Borrowing of JPY equivalent to USD 1.1 billion. The loan has a 5-year tenor and is benchmarked to the Tokyo Overnight Average Rate (TONAR). The facility is unsecured and proceeds will be used to finance railway-linked projects. This is IRFC's first ECB in FY 2026-27, following two successful ECB transactions totaling USD 700 million in FY 2025-26. The transaction is expected to optimise IRFC's weighted average borrowing cost and deepen its engagement with global capital markets.
The large ECB at competitive global rates signals strong investor confidence in IRFC's credit profile and reduces its cost of funds, which could support margins on its railway financing book.