MUMBAI, Feb 20 (Reuters) - DME Development, a unit of
National Highways Authority of India (NHAI), is planning to
raise at least 10 billion rupees ($120.90 million) through
bonds maturing in 10 years, three merchant bankers said on
Monday.
The company has invited bids from investors and bankers on
Wednesday. The bidding will take place on the National Stock
Exchange's electronic platform from 11:00 a.m. IST and 12:00
p.m. IST, they said.
The issue also has a greenshoe option to retain an
additional subscription of up to 40 billion rupees.
The bonds are rated AAA by CRISIL and CARE, and the issue
will be settled on Friday.
DME Development is a special purpose vehicle created by NHAI
in August 2020 for construction of the greenfield Delhi-Mumbai
Expressway passing through the states of Delhi, Rajasthan,
Madhya Pradesh, Gujarat and Maharashtra.
The proceeds of the proposed bond issue will be used to fund
a part of the capex required in 2022/23 and 2023/24, Reuters had
reported earlier this month.
($1 = 82.7140 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Varun H K)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
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