News Article
https://www.thehindubusinessline.com/news/kerala-board-celebrates-london-masala-bond-
listing/article27162685.ece
Brief:
The Kerala Infrastructure Investment Fund Board’s (KIIFB) is the first sub-sovereign entity in
India to tap the offshore Rupee international bond market with the USD 312 million equivalent
(₹2,150 crore) senior secured fixed-rate bond and is aimed at accessing capital from international
investors for the state’s infrastructure development.
1
What are Masala Bonds
Masala Bonds are rupee-denominated borrowings issued by Indian entities in overseas markets
and were launched in 2013 by International Finance Corporation (IFC). Masala bonds fall under
the definition of “debt securities” contained in Section 2(30) of the Companies Act, 2013. In the
