Nabard raises crore through India's first social impact bond

29 Sep 2023 CW Team

The National Bank for Agriculture and Rural Development (Nabard) has successfully raised INR 1,041 crore through its five-year social impact bond, featuring a coupon rate of 7.63%. This issuance marks Nabard's debut in the realm of externally certified AAA-rated social bonds in India, as confirmed by the institution in an official statement. The bonds have received AAA ratings from both CRISIL and ICRA.

Nabard had initially set a base issue size of INR 1,000 crore, along with a green shoe option of an additional INR 2,000 crore. According to market observers, investors had sought a higher interest rate on this special bond. Still, Nabard was determined to maintain a coupon rate consistent with its existing bonds.

Ajay Manglunia, Managing Director and Head of the Investment Grade Group at JM Financial, explained, "In the morning, the yields were on the higher side, and Nabard's bond falls into the social sector special category. The investor base for such causes, particularly in ESG (Environmental, Social, and Governance), is relatively limited. Consequently, Nabard faced challenges in raising the required amount without offering a higher coupon."

He further added, "Investors were demanding slightly higher rates than those typically seen in Nabard's bonds. Considering the achieved pricing, it more or less aligns with the prevailing rates for Nabard's regular bonds."

Nabard's successful issuance of this social impact bond underlines the growing interest in socially responsible investments and demonstrates its commitment to supporting rural and agricultural development initiatives.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..