KIIFB to issue 'Masala bonds' worth Rs 5,000 crore

The Kerala Infrastructure Investment Fund Board would issue 'masala bonds' worth Rs 5,000 crore to mobilise funds for various development works, state Finance Minister T M Thomas Isaac said Thursday.

Rupee denominated overseas bonds are popularly known as masala bonds.

The KIIFB Chief Executive Officer has been entrusted the task of issuing the 'masala bonds' next month, he said.

The bonds would be listed in the London and Singapore stock exchanges, he said adding bonds worth Rs 5,000 crore would be issued in the first phase.

"The Reserve Bank of India had already given sanction for bonds worth Rs 2,647 crore, he said.

Isaac also flayed the Centre for not granting permission for ministers' visits abroad to raise funds from Keralities expatriates.

"The state had planned to mobilise funds from expatriates and not from foreign governments. The centre put a hurdle for that. It is a serious matter. The Centre's attitude towards the state was very unfavorable", the minister said