IRFC has successfully completed strategic External Commercial Borrowing (ECB) roadshows in both Tokyo and Singapore, marking significant steps in the corporation's funding diversification strategy. Following the Tokyo initiative, the corporation extended its investor engagement to Singapore, demonstrating continued commitment to accessing diversified global capital pools.

Tokyo Roadshow Leadership and Objectives

The Tokyo roadshow was spearheaded by a senior IRFC delegation comprising Executive Director (Finance) Ms. Deepa Kotnis and Executive Director (Business Development) Mr. Sunil Kumar Goel. The two-day initiative concluded on 27 February 2026, focusing on mobilizing long-term funds at competitive rates and favorable terms while strategically diversifying IRFC's currency profile.

Singapore Roadshow Extension

The Singapore roadshow was led by Senior General Managers (Finance) Mr. Ajay Swami and Ms. Rakhi Dua, targeting Japanese and Taiwanese regional investors with offices in Singapore. The visit aimed at enhancing access to diversified pools of global capital required for funding India's infrastructure growth story through IRFC's expanded mandate under its 2.0 version.

Investor Engagement Strategy

Both roadshows comprised series of one-on-one meetings with leading regional investors, designed to showcase IRFC's investment proposition. The delegation emphasized IRFC's strong sovereign linkages, NIL NPA status, low operating cost, and consistent track record in supporting India's railway infrastructure expansion.

During the Singapore interactions, the delegation highlighted IRFC's foray into funding the entire railway ecosystem of India following a whole of government approach. Investors expressed satisfaction with IRFC's expansion plans through current diversification strategy, which includes funding for dedicated freight corridors, Metro Rails, and Ports while maintaining strong Ministry of Railways linkages.

Strategic Partnership Support

Both roadshows benefited from structured support provided by Mandated Lead Arrangers (MLAs):

• Sumitomo Mitsui Banking Corporation (SMBC)
• Mitsubishi UFJ Financial Group (MUFG)

These institutions facilitated structured investor engagements across both Japanese and Singapore markets, ensuring comprehensive coverage of potential funding sources.

Market Response and Future Outlook

The strong investor response across both markets underscores continued global confidence in IRFC's credit profile and business strategy. Potential lenders keenly participated and enquired on various aspects of IRFC, assuring support for future ECB borrowings and reposing confidence in the corporation's business strategy.

The successful completion of both Tokyo and Singapore roadshows strengthens IRFC's presence within regional investor bases and supports the corporation's objective of securing cost-effective, diversified funding lines to meet financing requirements for future growth.

Indian Railway Finance Corporation Limited has successfully completed its offer for sale (OFS) with the Government of India selling 22,40,40,829 equity shares worth ₹2,333.73 crore through stock exchange mechanism. The railway financing company's promoter shareholding has been reduced from 86.36% to 84.65% following the completion of the OFS on February 25-26, 2026.

OFS Execution and Regulatory Compliance

The Ministry of Railways, Government of India, acting as the promoter, executed the share sale through both BSE Limited and National Stock Exchange of India Limited. The transaction was completed in accordance with SEBI's comprehensive guidelines on offer for sale through stock exchange mechanism, with the regulatory filing submitted under Regulation 29(2) of SEBI Takeover Regulations.

Promoter Shareholding Changes

Following the successful completion of the OFS, the Government of India's shareholding in IRFC has decreased by 1.71 percentage points. The transaction represents a substantial divestment in the railway financing company, with the promoter maintaining a controlling stake of 84.65%.

OFS Framework and Structure

The completed transaction was part of the previously announced OFS framework where the government had initially planned to offer up to 26,13,70,120 equity shares representing 2% of the company's paid-up capital. The offer included provisions for retail investors on T+1 day and non-retail investors on T day, with an oversubscription option for an additional 2% stake.

Regulatory Documentation

The transaction disclosure has been filed pursuant to Regulation 29(2) of SEBI Takeover Regulations, with the mandatory report submitted within two working days of the OFS closure. Rahul Kapoor, Executive Director Finance (Resource Mobilisation & Public Private Partnership), Railway Board, signed the regulatory filing on behalf of the President of India, Ministry of Railways.

Source: SEBI regulatory filing by Indian Railway Finance Corporation Limited