off-the-wire

India New Issue-Kotak Mahindra Prime to reissue multiple tenor bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 13 (Reuters) - India's Kotak Mahindra Prime plans to raise funds through the reissuance of 7.8779% May 2025 bonds and zero-coupon bonds maturing in October 2025, three merchant bankers said on Monday. The non-banking finance company aims to raise at least 1.50 billion rupees ($18.15 million) through May 2025 paper and 250 million rupees through October 2025 notes, they said.


The notes have a greenshoe option to retain an additional 2 billion rupees and 750 million rupees, and the NBFC has invited bids from bankers and investors on Tuesday, they added.


The bonds are rated AAA by CRISIL and the issue will close for subscription later this week. In January, the company raised one billion rupees, through reissuing zero-coupon bonds maturing in October 2025. ($1 = 82.6560 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Sohini Goswami)

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