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State-owned Indian Railway Finance Corporation (IRFC) on Monday scrapped its planned issuance of Rs 5,000 crore in 10-year zero-coupon bonds (ZCB) after bids came in at a higher yield from investors, sources said.
IRFC, the dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas capital markets, got bids at a 6.95 per cent cut-off, which was 16 basis points higher than the cut-off it had raised last month through the same instrument.
Last month, it raised Rs 2,981 crore through deep-discounted ZCB at an attractive yield of 6.79 per cent.
Sources said the
