IRFC Raises JPY-Equivalent USD 400 mn ECB

04 Mar 2026 CW Team

The ECB is structured as an unsecured facility with a five year tenor and is benchmarked to the Tokyo Overnight Average Rate, known as TONAR. The facility agreement has been signed for the aggregated JPY equivalent of United States dollar (USD) 400 mn while the exact amount in Japanese yen will be availed in due course. Lenders to the transaction are Sumitomo Mitsui Banking Corporation, Gift City Branch, and MUFG Bank Limited, Gift City Branch, with IRFC acting as the borrower.

Proceeds of the facility will be utilised to finance projects that have forward or backward linkage with the railway sector or other projects approved by the company in compliance with the External Commercial Borrowing guidelines. The transaction follows IRFC's re-entry into the ECB market in December 2025 and is intended to contribute towards optimising the company's weighted average borrowing cost and deepening engagement with global capital markets. The facility is expected to strengthen IRFC's ability to support the ongoing expansion and modernisation of railway infrastructure.

IRFC stated that the transaction reflects investor confidence in the organisation's financial fundamentals and strategic approach to resource mobilisation. The company acknowledged the contribution of its ECB team led by the executive director finance and supported by senior and junior managers in completing the transaction. Further disclosures as required under applicable listing regulations have been furnished to the stock exchanges.

Indian Railway Finance Corporation Limited (IRFC) has signed a loan agreement with a consortium comprising Sumitomo Mitsui Banking Corporation, Gift City Branch, and MUFG Bank Limited, Gift City Branch, in New Delhi for raising External Commercial Borrowing equivalent to United States dollar (USD) 400 mn. The facility marks the second External Commercial Borrowing raised by IRFC in the fiscal year after it raised United States dollar (USD) 300 mn in December 2025. The agreement was executed on 25 February 2026. The ECB is structured as an unsecured facility with a five year tenor and is benchmarked to the Tokyo Overnight Average Rate, known as TONAR. The facility agreement has been signed for the aggregated JPY equivalent of United States dollar (USD) 400 mn while the exact amount in Japanese yen will be availed in due course. Lenders to the transaction are Sumitomo Mitsui Banking Corporation, Gift City Branch, and MUFG Bank Limited, Gift City Branch, with IRFC acting as the borrower. Proceeds of the facility will be utilised to finance projects that have forward or backward linkage with the railway sector or other projects approved by the company in compliance with the External Commercial Borrowing guidelines. The transaction follows IRFC's re-entry into the ECB market in December 2025 and is intended to contribute towards optimising the company's weighted average borrowing cost and deepening engagement with global capital markets. The facility is expected to strengthen IRFC's ability to support the ongoing expansion and modernisation of railway infrastructure. IRFC stated that the transaction reflects investor confidence in the organisation's financial fundamentals and strategic approach to resource mobilisation. The company acknowledged the contribution of its ECB team led by the executive director finance and supported by senior and junior managers in completing the transaction. Further disclosures as required under applicable listing regulations have been furnished to the stock exchanges.

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