NABKISAN lists India’s first WASH-focused social bond on NSE, raises ₹180 crore at 8.10% coupon
NABKISAN Finance Limited, a NABARD subsidiary, listed a social bond dedicated exclusively to the Water, Sanitation and Hygiene (WASH) sector on the National Stock Exchange on 1 October 2026. The issue was oversubscribed 1.8 times and raised ₹180 crore. The five-year bond carries a coupon of 8.10 per cent, matures in September 2031 and is rated CRISIL AAA (Stable) and CARE AAA (Stable).
Key facts
- Published
- 3 October 2026
- Section
- SEBI
- What it is
- New facility
- In force
- Listed on 1 October 2026
- Who it affects
- Bond market investors, development finance institutions and NBFCs, lenders and enterprises in the water, sanitation and hygiene sector
In 30 seconds
- The bond was listed on the National Stock Exchange (NSE), Mumbai on 1 October 2026; the PIB release is dated 3 October 2026.
- The release calls it India’s first social bond dedicated exclusively to the WASH sector.
- Amount raised: ₹180 crore; the issue was oversubscribed 1.8 times.
- Five-year tenor, 8.10 per cent coupon, maturity in September 2031.
- Rated CRISIL AAA (Stable) and CARE AAA (Stable).
- Proceeds are to be deployed to expand access to safe water, sanitation and hygiene solutions across rural and underserved communities.
हिंदी में सार
NABARD की सहायक कंपनी NABKISAN Finance Limited ने 1 अक्टूबर 2026 को NSE, मुंबई पर भारत का पहला ऐसा सोशल बॉन्ड सूचीबद्ध किया जो पूरी तरह जल, स्वच्छता और साफ़-सफ़ाई (WASH) क्षेत्र के लिए है। इश्यू 1.8 गुना सब्सक्राइब हुआ और ₹180 करोड़ जुटाए गए। पाँच साल के इस बॉन्ड पर 8.10% कूपन है, परिपक्वता सितंबर 2031 में है और रेटिंग CRISIL AAA (Stable) व CARE AAA (Stable) है। रक़म ग्रामीण और वंचित इलाक़ों में सुरक्षित पानी व स्वच्छता सुविधाएँ बढ़ाने में लगेगी।
What happened
According to a Ministry of Finance release issued through PIB Mumbai on 3 October 2026, NABKISAN Finance Limited — a subsidiary of the National Bank for Agriculture and Rural Development (NABARD) — listed a social bond on the National Stock Exchange (NSE), Mumbai on 1 October 2026. The release describes it as India’s first social bond dedicated exclusively to the Water, Sanitation and Hygiene (WASH) sector.
The issue saw robust investor participation and was oversubscribed 1.8 times, enabling NABKISAN to raise ₹180 crore.
The bond at a glance
| Feature | Detail |
|---|---|
| Issuer | NABKISAN Finance Limited, a subsidiary of NABARD |
| Instrument | Social bond dedicated exclusively to the WASH sector |
| Listed on | National Stock Exchange (NSE), Mumbai |
| Date of listing | 1 October 2026 |
| Amount raised | ₹180 crore |
| Subscription | Oversubscribed 1.8 times |
| Tenor | Five years |
| Coupon | 8.10 per cent |
| Maturity | September 2031 |
| Credit rating | CRISIL AAA (Stable) and CARE AAA (Stable) |
Where the money goes
The proceeds will be deployed to expand access to safe water, sanitation and hygiene solutions across rural and underserved communities, which the release says will contribute to improved health, livelihoods and quality of life.
Who was involved
The listing ceremony included addresses by representatives of NABARD, NABKISAN, Water.org, Trust Group and NSE, followed by the ceremonial bell ringing. Water.org supported the transaction as Technical Advisor and Knowledge Partner, along with market institutions, advisors, trustees and arrangers.
What was said
- Dr. Shaji Krishnan V, Chairman, NABARD, said the successful issuance demonstrates the potential of innovative financing mechanisms in addressing critical development priorities, and that development institutions play an important role in making such projects bankable and attracting wider participation from commercial and capital markets.
- Shri Immanuvel Ganesan, MD & CEO, NABKISAN, said the bond shows how capital market instruments can mobilise resources for development sectors while delivering measurable social impact, and that the investor response reflects growing confidence in sustainable finance.
Why it matters
For issuers and lenders working in development sectors, the transaction is an example of a use-of-proceeds bond raised from the capital market for a single social purpose, with the highest domestic credit ratings and a listing on an exchange. The release says the listing reinforces NABARD’s and NABKISAN’s commitment to innovative financing for sustainable and inclusive rural development, while deepening the country’s sustainable finance market.
The release does not give the bond’s security identifier, face value, the names of the arrangers or the terms on which the proceeds will be lent onward; readers who need those should look to the issuer’s offer documents and the exchange’s listing notice.
Questions and answers
What is the NABKISAN WASH bond?
It is a social bond issued by NABKISAN Finance Limited, a NABARD subsidiary, dedicated exclusively to the Water, Sanitation and Hygiene (WASH) sector. The PIB release describes it as India’s first such bond.
How much did NABKISAN raise and at what coupon?
₹180 crore. The five-year bond carries a coupon rate of 8.10 per cent and matures in September 2031. The issue was oversubscribed 1.8 times.
Where and when was the bond listed?
On the National Stock Exchange (NSE), Mumbai, on 1 October 2026.
What is the bond’s credit rating?
CRISIL AAA (Stable) and CARE AAA (Stable), which the release describes as the highest domestic credit ratings.
How will the proceeds be used?
To expand access to safe water, sanitation and hygiene solutions across rural and underserved communities.
Published 3 October 2026. Updated 5 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.