DFCC Bank makes history with green bond listing on India’s NSE IX

From left : NSEICC MD and CEO Neeraj Julshestra, IFSCA  ED Pradeep Ramakrishnan,  NSEIX MD and CEO V.Balasubramaniam, IFSCA Chairperson K.Rajaraman, DFCC Bank Director/ CEO  Thimal Pereram DFCC Bank Senior Vice President - Treasury, Investment Banking and Wholesale Banking Prins Perera and NSEIX PID Dr. Sobhesh Agarwala

DFCC Bank PLC has achieved a significant milestone by becoming the first foreign corporate to list a bond on India’s National Stock Exchange - International Exchange (NSE IX) at GIFT City. 

This pioneering move not only marks a new chapter for Sri Lanka’s capital markets but also solidifies DFCC Bank’s role as a regional frontrunner in sustainable finance.

The listing, celebrated with a bell-ringing ceremony on June 9, at the Grand Mercure in GIFT City, is the culmination of a strategic journey for DFCC Bank’s Green Bond. The bond was initially issued in Sri Lanka and subsequently dual-listed on the Luxembourg Stock Exchange, demonstrating the bank’s commitment to accessing a wider pool of international investors.

This development comes amidst a backdrop of increasing collaboration between the Colombo Stock Exchange (CSE) and the NSE IX to establish a dual listing framework. This initiative aims to create a “financial bridge” between the two nations, allowing Sri Lankan companies to raise US dollar-denominated capital from global investors through India’s GIFT City. The move is seen as a reciprocal partnership, with Sri Lanka also inviting Indian companies to list on the CSE.

The Rs. 2.5 billion Green Bond’s listing on NSE IX provides DFCC Bank with enhanced access to international capital markets and underscores its dedication to cross-border sustainable finance. The proceeds from the bond are earmarked for renewable energy projects, specifically focusing on ground and rooftop-mounted solar PV electricity generation. 

These projects are in line with the Sri Lanka Green Finance Taxonomy and support the nation’s goal of sourcing 70 percent of its energy from renewables by 2030.

“This listing is more than a milestone - it is a signal of Sri Lanka’s readiness to engage with the region through credible, future-forward finance,” stated DFCC Bank PLC Chief Executive Officer Thimal Perera. 

He emphasised that this achievement showcases how institutions in emerging economies can structure and scale sustainable capital in alignment with global standards.

NSE IX MD & CEO   V. Balasubramaniam welcomed DFCC Bank as the first foreign corporate issuer on the exchange. He expressed confidence that this would encourage more issuers from Sri Lanka and neighboring countries to explore opportunities in GIFT City, furthering the vision of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) for greater regional collaboration.

The event was attended by notable figures including the International Financial Services Centres Authority (IFSCA) Chairperson K Rajaraman, who was the Chief Guest. DFCC Bank was represented by CEO Thimal Perera and Senior Vice President – Treasury, Investment and Wholesale Banking Prins Perera. 

DFCC Bank’s Green Bonds are structured under a framework that aligns with the Green Bond Principles of the International Capital Market Association (ICMA). This listing is a testament to the bank’s long-standing commitment to sustainable development and its contribution to the United Nations Sustainable Development Goals, particularly SDG 7 (Affordable and Clean Energy) and SDG 13

(Climate Action).