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Informist, Tuesday, Sept. 22, 2026

 

--Dealers: Sagarmala Fin seeks bids for blue bonds from 1100-1200 IST Mon 
--Dealers: Sagarmala Fin eyes up to INR 6 bln via 5 yr or 10 yr blue bonds Mon 

 

By Vaishali Tyagi
 

NEW DELHI – Sagarmala Finance Corp. Ltd., India's first maritime lender, is set to issue the country's first "blue bond" Monday, an official aware of the development told Informist.

 

Bidding is scheduled between 1100 IST and 1200 IST, with allotment on Tuesday, the official said. The issuer has invited top 40 merchant banks to act as arrangers, subject to conditions.

 

The non-bank lender aims to raise up to INR 6 billion through the issue, including a base issue size of INR 1 billion and a greenshoe option of INR 5 billion. The bonds will be offered with a tenor of five-year or 10-year bullet maturities, the official said.

 

Market participants expect the coupon on India's first blue bond to be around 8%. "Yes, it's India's first blue bond... we see FIMMDA (Fixed Income Money Market and Derivatives Association of India) 10-year at 8.18%... around 8% is what the market would like to price this credit at", a merchant banker said.

 

This will be the maiden bond issuance by Sagarmala Finance, which is a mini-ratna category-I central public sector enterprise wholly owned by the Government of India under the Ministry of Ports, Shipping and Waterways.

 

The issue will be unsecured, rated, and listed. The bonds are rated "AA+ (Stable)" by both ICRA and CARE Ratings Ltd. According to the people aware of the development, the bonds have been certified as a "blue bond" by a third-party reviewer, CARE ESG Ratings Ltd., a wholly-owned subsidiary of CARE Ratings.

 

Blue bonds are fixed-income instruments designed to raise capital for sustainable ocean and water-related projects, such as marine conservation, clean water initiatives, sustainable fisheries, shipping and ocean-based energy. 

 

On Jun. 2, Informist had reported that Vadodara Municipal Corp. also plans to issue blue bonds. The civic body was expected to raise up to INR 2 billion through bonds maturing in five to seven years. Proceeds from the funds will be used for strengthening water infrastructure projects, an official at the municipal body had said.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

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