India New Issue-MTNL to issue 10-year government-guaranteed bonds - traders

MUMBAI, Feb 21 (Reuters) - India's Mahanagar Telecom Nigam plans to raise at least 1 billion rupees ($12.1 million) through the sale of government-guaranteed bonds maturing in 10 years, three merchant bankers said on Tuesday. The state-run telecommunication services company has invited bids from bankers and investors on Thursday, they said.

The notes are rated AAA (CE) by India Ratings and CARE Ratings, and the issue will close for subscription on Friday. The issue has a greenshoe option to retain an additional 3.25 billion rupees.

Earlier this month, the company had raised 16.18 billion rupees at a 7.78% semi-annual coupon, while in November, MTNL had raised 27.58 billion rupees and 61.10 billion rupees in two offerings at semi-annual coupons of 7.87% and 8.00%, respectively.
($1 = 82.7840 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe Editing by; Editing by Sonia Cheema)

Reuters

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India New Issue-MTNL to issue 10-year government-guaranteed bonds - traders

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