India New Issue-Cholamandalam Investment accepts bids for over 3-yr bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 22 (Reuters) - India's Cholamandalam Investment and Finance Co Ltd has accepted bids worth 4.52 billion rupees ($54.6 million) for bonds maturing in three years and one month, three merchant bankers said on Wednesday. The non-banking finance company will pay an annual coupon of 8.50% on the issue, for which it had invited commitment bids from bankers and investors earlier in the day. The notes are rated AA+ by CARE Ratings and the issue will be settled on Thursday. The issue had a base size of 5 billion rupees and a greenshoe option to retain an additional 5 billion rupees. The bonds will mature in March 2026. In December, the company raised 6.05 billion rupees by selling three-year bonds at an annual coupon of 8.30%.


($1 = 82.7950 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Savio D'Souza)

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