Kerala CM Pinarayi Vijayan rings opening bell at London Stock Exchange as KIIFB lists masala bonds
Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan rang the opening bell at the London Stock Exchange (LSE) Friday to mark the listing of masala bonds sold by Kerala Infrastructure Investment Fund Board (KIIFB), according to an official statement.
KIIFB, a state government agency, had raised Rs 2,150 crore through its debut masala bond issue. KIIFB plans to raise Rs 5,000 crore through masala bonds to fund large and critical infrastructure projects in Kerala.
Indian Rupee denominated overseas bonds are popularly known as masala bonds.
"This was not only the first-ever offshore capital market issuance from a state-level entity from India, but also the largest dual currency issue by a sub-sovereign backed entity from the entire emerging markets and Asia," the KIIFB had said.
The transaction was priced on March 26, 2019 and saw strong participation from a wide spectrum of investors which included asset managers, insurance companies, pension funds, banks as well as private wealth managers, it had said in the statement.
"With a view to establishing its credit profile and market standing, KIIFB had undertaken a detailed rating exercise through two international credit rating agencies - Standard and Poor's and Fitch Ratings," the state agency had said in a statement.
The masala bond market till date had seen issuance only from large Indian corporates and public institutions such as National Highways Authority of India (NHAI) and NTPC which are all rated AAA in the domestic market.
Vijayan, who is on a 13-day trip to Europe from May 8, has participated in various programmes, including the United Nations (UN) World Reconstruction Conference in Geneva, Switzerland.
The 2018 Kerala flood, which ravaged the state and claimed 483 lives, was among the major disasters reported globally last year, including the California wildfire and the floods in Japan.
The Post Disaster Needs Assessment (PDNA) report prepared by a UN team said Kerala would need Rs 31,000 crore for rebuilding.
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KSCA expresses disappointment over missing IPL playoffs, says it was ready to host matches in B’luru
Bengaluru: The Karnataka State Cricket Association (KSCA) has issued a clarification stating that it was fully prepared to host the IPL playoffs and final matches in Bengaluru but the fixtures were allotted to other venues.
In a media note, KSCA said it was disappointed with the decision. The association stated that its president, former India cricketer Venkatesh Prasad, had been in touch with the Board of Control for Cricket in India (BCCI) and had formally conveyed the association’s readiness and interest in hosting the matches at the M. Chinnaswamy Stadium.
KSCA said the IPL matches held in Bengaluru this season were appreciated for smooth conduct, crowd management and overall experience for spectators. It said this reflected its ability to handle high-profile matches.
The association also stated that it had sent a detailed communication to the BCCI explaining its preparedness and the operational arrangements followed during the current IPL season. According to KSCA, these systems have been in place since the start of the Indian Premier League in 2008 and were followed consistently, including during previous playoff matches hosted in Bengaluru.
The clarification added that the communication sent to the BCCI was only meant to provide factual and operational details and to bring clarity on logistical and stakeholder-related requirements involved in hosting such matches.
KSCA said that although it had shown willingness and preparedness, the BCCI has decided to allocate the playoff matches to other venues. It added that the reasons for this decision have not been formally shared with the association, but it respects the authority of the board in taking such decisions.
The association further said it remains ready to host matches of national and international importance and will continue to cooperate with the BCCI, franchises, government authorities and other stakeholders for conducting cricket events.
The statement was issued by KSCA official spokesperson Vinay Mruthyunjaya, who also thanked the media and cricket fans for their continued support.
