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Research methodology.

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At the end of the case discussion, the students should be able to: demonstrate an understanding of the similarities and differences between profit and non-profit organisations; discuss social entrepreneurship as a process-driven set of activities; assess the organisation-environment-opportunity fit of the dilemma facing them; analyse and resolve practical issues in developing structure and systems; diagnose organisational issues facing enterprises wishing to formalise and grow; evaluate how an organisation may achieve both social and profit objectives; and appreciate the trade-offs of adopting a profit-driven approach for social enterprises.

From her office on her farm in the Eden District of South Africa’s Western Cape province, Wendy Crane, who had for many years been involved in the conservation efforts of the Gouritz Cluster Biosphere Reserve (GCBR), drank in the view of the Langeberg Mountains. Her pleasure was a bit diminished by the knowledge that, like so many parts of the GCBR, this area’s environment was under threat. She was preparing for a meeting in March 2017 of the board of the non-profit company (NPC) that sought to initiate and coordinate activities that would achieve the goals of the GCBR. The NPC board members wanted the organisation to be self-sustaining when it came to core costs. To this end, the board had established Gouritz Enterprises as a social enterprise that would be responsible for profit-driven activities which would fund the NPC’s core costs. The enterprise had not yet started work in any formal way, and Crane was not sure if establishing a separate profit-driven entity was the best way of achieving the self-financing goal.

Post-graduate management diploma MBAC.

CSS 3: Entrepreneurship.

The learning outcomes of this paper is as follows: to review the basic differences between the two evolving bonds, i.e. green vs masala bonds in the Indian capital market; to comprehend the factors that need to be considered in deciding the type of bond to be issued; to assess complexities, such as process, timing, risk and location in relation to the issue of the green bonds; and to understanding the rudiments of bond economics, such as pricing, all-in-cost and yield-to-maturity of bonds and make a comparison of all-in-cost of the Reg-S bond and green bond to Indian Railway Finance Corporation (IRFC).

In September 2017, IRFC, a public sector undertaking registered as a Non-Banking Finance Company with Reserve Bank of India under the administrative control of the Ministry of Railways, was planning to raise US$500m 10-year green bonds from investors in Asia, Europe and the Middle East. The green bond proceeds were proposed to be used for low carbon transport and in this way, contribute significantly to the green initiatives of the Indian Railways. Many companies in India had issued regular bonds without labeling them as green but had used the proceeds of the bond for climate-aligned assets. Therefore, a bigger challenge before the IRFC management was the economics of green bond for getting a nod from the Board of Governors to go ahead. Some preliminary estimates on cost of green bonds were received from few bankers but to see that the terms of green bonds are met eventually, the Director (Finance) developed his own estimate of the cost of the new bonds. The Managing Director and Director (Finance) of IRFC were trying to figure out the economic advantage of green bonds besides its social benefits.

MBA Programme Executive Training.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.