India New Issue-MTNL sets coupon on 10-year govt-guaranteed bonds - bankers

Kitco Media
By Reuters
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Updated:
Reuters
MUMBAI, Feb 23 (Reuters) - India's Mahanagar Telephone Nigam Ltd has set a 7.80% semi-annual coupon on its government-guaranteed bonds maturing in 10 years, three merchant bankers said on Thursday. The state-run telecommunication services company accepted bids worth 3.62 billion rupees ($43.6 million) for the issue, for which it had invited coupon and commitment bids from bankers and investors earlier in the day. The notes are rated AAA (CE) by India Ratings and CARE Ratings, and the issue will close for subscription on Friday. Earlier this month, MTNL raised 16.18 billion rupees at a 7.78% semi-annual coupon. That came after MTNL raised 27.58 billion rupees and 61.10 billion rupees in two offerings in November, at semi-annual coupons of 7.87% and 8.00%, respectively.


($1 = 82.7640 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Savio D'Souza)

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