off-the-wire

India New Issue-IRFC aims to raise around 25 bln rupees via long-tenor bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 17 (Reuters) - Indian Railway Finance Corp is aiming to raise 25 billion rupees ($302.01 million) over the next two weeks by tapping the bond market with a longer duration bond issue, two merchant bankers said on Friday. The state-run company is likely to raise these funds via the sale of 10-year or 15-year bonds, and may come in once it receives some form of investor comfort, the bankers added.


IRFC did not immediately reply to a Reuters email seeking comment on the sale, which has not been officially announced. The bonds are rated AAA by CARE, ICRA, CRISIL.


In January, IRFC had raised 25 billion rupees each through bonds maturing in three years and three months and in 10 years and three months at 7.40% and 7.65% annual coupon, respectively. ($1 = 82.7800 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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