off-the-wire

India New Issue-Muthoot Finance to issue multiple tenor bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 22 (Reuters) - India's Muthoot Finance plans to raise funds selling bonds maturing in 30 months and in three years and one month, three merchant bankers said on Wednesday. The non-banking finance company aims to raise at least 3.50 billion rupees ($42.25 million) through sale of bonds maturing in 30 months, and at least 1 billion rupees through three-year and one-month papers, they said.


It will pay an annual coupon of 8.60% and 8.65% on these issues, and has invited commitment bids for them on Thursday, they said. The issue have a greenshoe option to retain an additional 4.10 billion rupees and 1 billion rupees that will mature in August 2025 and May 2026 respectively.


The notes are rated AA+ by CRISIL, and the issues will close for subscription on Friday.


In January, the company had raised 10 billion rupees selling bonds maturing in three years and one month at an annual coupon of 8.50%. ($1 = 82.8330 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Dhanya Ann Thoppil)

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