New Delhi: The Asian Development Bank on Thursday said it has raised 3 billion Indian rupees (INR) from a new issue of offshore rupee-linked bonds to help finance climate change mitigation and adaptation projects in India.

The bond issue carries a 6.00% interest rate with a 3.75-year maturity, falling due in February 2021, the multilateral lending said in a statement. It further said that the bonds, which are denominated in Indian rupees but settled in US dollars, were underwritten by JP Morgan and TD Securities as Joint Lead Managers.

“The bonds were placed 9% in Asia, 70% in Europe, and 21% in the Americas. By investor type, 48 % of the bonds were placed with banks, and 52% with fund managers," the statement said. According to statement, proceeds from the bonds will be mobilised into ADB’s first cofinancing with the JICA LEAP Fund for the ReNew Clean Energy Project, a wind and solar power project across six states in India.

The statement said ADB plans to raise up to $30 billion from the capital markets in 2017. India is ADB’s fourth largest shareholder and its largest borrower, excluding cofinancing. In 2016, ADB approved $2.26 billion in sovereign loans and $795 million in private sector projects in India, its largest market. ADB, based in Manila is owned by 67 members—48 from the region. In 2016, ADB assistance totalled $31.7 billion, including $14 billion in cofinancing, the statement said.