NBFC Sagarmala Finance withdraws Rs.600-Cr blue bond issue

New Delhi-based maritime NBFC public sector enterprise Sagarmala Finance Corporation , has withdrawn its proposed Rs.600-Cr blue bond issuance. The decision followed the receipt of bids at coupons ranging from 7.69 percent to 8.44 percent, which exceeded the lender’s internal target to price the 10-year bonds below 8 percent.The firm, which functions under the Ministry of Ports, Shipping and Waterways, intended to raise capital through the issuance of 10-year instruments, which were rated AA+ by CARE Ratings and ICRA. The proposed bond structure included a base size of Rs.100-Cr and a green-shoe option of Rs.500-Cr. The firm received 26 bids totaling Rs.525-Cr for the issue, which was intended to fund projects related to marine sustainability, oceans, and waterways.