IREDA raised Rs 1,500 crore through bonds maturing in three years and six months at a cut-off yield of 7.34 per cent. Godrej Industries also tapped the bond market, raising Rs 1,000 crore through a two-part issue maturing in September 2031 and December 2031 at a cut-off annual yield of 8.23 per cent, market participants said.
Embassy Office Parks REIT raised Rs 700 crore through bonds maturing on June 22, 2029. The issue was priced at par, implying a coupon of 7.49 per cent with quarterly payments.
India Infradebt Ltd raised Rs 965 crore through bonds maturing on December 23, 2031. The issue carried a coupon of 7.92 per cent and was priced at par with annual payments.
The revival in the primary market comes after comparatively muted activity in the first two months of the current financial year. Indian companies raised a little over Rs 1.07 trillion through the domestic bond market in April and May, down nearly 58 per cent from the year-ago period and the lowest mobilisation in the first two months of a financial year since FY23. Market participants attributed the sharp decline to elevated bond yields amid geopolitical tensions in West Asia, which kept issuers away from the debt market.
In April and May, several large state-owned issuers withdrew planned bond issuances amid concerns over pricing and demand. Market participants said some issuers were either unable to raise the desired amount at targeted rates or unwilling to borrow at high yields. NABARD was among the issuers that withdrew its planned bond issue.