PTI cited Mr SK Goel CMD of IIFCL as saying that India Infrastructure Finance Company Limited has negotiated a second line of credit of USD 1.2 billion from Asian Development Bank for spending in various sectors.

Mr Geol said that"We have negotiated a new credit line of USD 1.2 billion from ADB."

IIFCL had earlier secured an RBI line of credit from the foreign exchange reserves of USD 5 billion out of which USD 1 billion had been already consumed.

He said that"We will again request the RBI to extend the line of credit once the validity of the existing one expires on March,2015."

On the tax free bond issue,which opened today,he added that the offering had received extremely good response.The company collected INR 80 crore in the first hour.

The company is entering the market to raise INR 1,500 crore with a green shoe option up to the shelf limit of INR 9215 crore.

The government allowed IIFCL to INR 10,000 crore through issue of tax free bonds out of which INR 785 crore had been already raised through private placement.