GRSE laid the keel of 2nd Fast Patrol Vessel Exim Bank of India raises US$ 400 mn 5 year tenor floating rate Formosa Bond

The keel of the 2nd of the series of Five Water Jet Propelled Fast Patrol Vessels for Indian Coast Guard was laid by GRSE on 11 August 17 at its Raja Bagan Dock Yard. The 'Keel Laying Ceremony', a major milestone in the ship construction process, was undertaken by Shri Bikash Kumar Basu, of the Raja Bagan Dockyard, in the august presence of Rear Admiral V K Saxena, Chairman & Managing Director, GRSE, Shri S.S.Dogra, Director (Finance), Shri A K Nanda, Director(Personnel), Commandant Atul Kumar of Indian Coast Guard and other senior officials. This ship will be constructed at Rajabagan Dockyard by adopting integrated construction technology which will enable GRSE to build the ship in a reduced time frame.

Export-Import Bank of India, India’s premier export finance institution, successfully launched a 5 year Reg S floating rate Formosa bond issue of benchmark size on August 07, 2017. The funds raised will be used by the Bank to support Indian project exports, overseas investment by way of long term credit and the lines of credit portfolio. Initially marketed the deal at 3M$L + 115 bps p.a., the Bank was able to achieve the final pricing of 3M$L+100 bps, for the inaugural 5 year US$ 400 mn Reg S floating rate Formosa bond, making the issuance as the largest Formosa issuance out of India and the first Formosa transaction by an Indian Financial Institution. The issuance was priced well inside the existing fixed rate Notes on fair value basis.