India New Issue-Elan Avenue to issue over 3-year bonds- bankers

MUMBAI, Feb 21 (Reuters) - India's Elan Avenue plans to raise 250 million rupees ($3 million) through bonds maturing in three years and nine months, three bankers said on Tuesday. The company has invited bids from investors and bankers on Monday. Bidding will take place on the Bombay Stock Exchange's electronic bidding platform between 11:00 a.m. and 2:00 p.m. IST, they said.

The company will pay a coupon of 19.50% on the issuance.

The bonds are rated BB- by CARE and the issue will be settled next week. ($1 = 82.7920 Indian rupees) (Reporting by Bhakti Tambe; Editing by Sonia Cheema)

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India New Issue-Elan Avenue to issue over 3-year bonds- bankers

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