NABARD raises Rs 1.041 crore through India’s first social impact bond

NEW DELHI: The National Bank for Agriculture and Rural Development (NABARD) raised Rs 1,041 crore through India’s first social impact bond, which matures in five years, at a coupon of 7.63 per cent. The base issue size was Rs 1,000 crore, and a green shoe option of another Rs 2,000 crore. This marks NABARD’s first externally certified AAA-rated social bonds in the country, the bank said in a statement. The bonds have been rated AAA rating by CRISIL and ICRA.