New Delhi: The Asian Development Bank (ADB) on Wednesday said it has raised Rs14 billion, about $217 million, from a new issue of offshore rupee-linked five-year bonds. This represents ADB’s third bond issue in the offshore rupee-linked market for 2017.

“Wednesday’s fundraising represents ADB’s largest single offshore Indian rupee bond issue to date," the multilateral lending agency said in a statement said. According to the statement, the bonds, which are denominated in Indian rupee but settled in US dollars, were underwritten by HSBC and TD Securities.

“Proceeds from the bonds will be mobilised to support ADB lending in India," the statement said. “ADBs increased activity in the rupee capital markets is proving catalytic to the institution’s local currency lending programme, which has been identified as a strategic growth area in partnership with the government of India," it added.

ADB is a regular borrower in the mainstream international bond markets and it plans to raise around $30 billion from the capital markets in 2017.