In one of the largest transactions of offshore rupee bonds, the Asian Development Bank (ADB) has raised ₹5 billion through the issue of a five-year offshore rupee linked bonds.

“Proceeds from the bonds will be mobilised to support private sector lending in the Indian market,” said the ADB in a release on Thursday, adding that this is its third bond issue in the offshore rupee-linked market.

India is the ADB’s fourth largest shareholder and is its largest borrower. In 2015, the ADB approved $836 million in private sector projects in India, its largest market.

 The bonds, which are denominated in Indian rupees but settled in US dollars, carry a carry a coupon of 6.45 per cent and will mature on August 8, 2021.

They were underwritten by Citibank and JP Morgan.