off-the-wire

India New Issue-IRFC to issue over 10-year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 23 (Reuters) - Indian Railway Finance Corp (IRFC) plans to raise at least 5 billion rupees ($60.50 million) through bonds maturing in 10 years, one month and 18 days, three merchant bankers said on Thursday.


The state-run company has invited bids from investors and bankers on Monday. Bidding will take place on the National Stock Exchange's electronic platform between 10:00 a.m. IST and 11:00 a.m. IST, they said.


The issue also has a greenshoe option to retain an oversubscription of up to 25 billion rupees. The notes will mature on Apr. 15, 2033.


The bonds are rated AAA by CRISIL, CARE and ICRA and the issue will be settled on Tuesday.


Last week, Reuters had reported that IRFC is aiming to raise 25 billion rupees over the next two weeks by tapping the bond market with a longer duration bond issue. In January, IRFC had raised 25 billion rupees each through bonds maturing in three years and three months and in 10 years and three months at 7.40% and 7.65% annual coupon, respectively. ($1 = 82.6510 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sohini Goswami)

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