off-the-wire

India New Issue-JM Financial ARC to issue 3-year bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Jan 31 (Reuters) - India's JM Financial ARC plans to raise at least 1 billion rupees ($12.26 million) through the sale of bonds maturing in three years, two merchant bankers said on Tuesday.


The company will pay a coupon of 10.21% on the issue payable on a quarterly basis, they said.


It has invited commitment bids from bankers and investors for the issue on Wednesday, and it will close for subscription on Thursday. The notes are rated AA- by ICRA and have a greenshoe option to retain an additional 3 billion rupees.
($1 = 81.5780 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)

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