India Infrastructure Finance Company Ltd (IIFCL) on Thursday said it has raised Rs 1,500 crore in debt to provide impetus to government’s infrastructure vision.

With a view to promote long term infrastructure finance in India, IIFCL after a span of eight years has raised funds from the domestic market through privately placed Non-Convertible Debt Securities for an amount of Rs 500 crore with a greenshoe option of Rs 1,000 crore, the company said in a statement.

The issue was oversubscribed more than six times, it said.

This fundraise will provide impetus to Prime Minister’s vision of achieving outstanding infrastructure growth, as these proceeds will be utilized to provide long term debt to infrastructure projects, both greenfield and brownfield, developed under various initiatives of the government viz., National Infrastructure Pipeline (NIP), National Monetisation Pipeline (NMP) and Gati Shakti.

IIFCL will continue to play a leading role in fulfilling the aspirations of India of developing a world class infrastructure, it said.