In a bid to provide some strength to Indian capital markets, the International Finance Corporation (IFC) on Wednesday issued Global Indian Rupee Bonds worth Rs 1,000-crore (around $161 million).

It was the first tranche of the IFC's planned $1 billion Global Rupee Bond Programme, which aims to attract foreign investments at a time when the Indian economy is struggling to pull itself out of relentless slowdown.

Commenting on the bond issue, IFC Vice-President & Treasurer Jingdong Hua said, "IFC is committed to supporting the government of India in deepening the country's capital markets."

A total of twenty-seven international investors participated in the bond issue.

The recently issued bond has tenure of three years, with 7.75 per cent coupon rate. The coupon rate is 70 basis points (bps) below the prevailing three-year Indian government bond yield. The bond issue had been oversubscribed nearly two times.

Finance Ministry said in a statement that the issuance of the bond in the context of renewed volatility in the Indian currency was a very good outcome, which would send a positive message on the currency as well as the economy.

IFC is a member of the World Bank Group that makes investments in the private sectors.