off-the-wire

India New Issue-Poonawalla Fincorp accepts bids for 3-year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 24 (Reuters) - India's Poonawalla Fincorp has accepted bids worth 1 billion rupees ($12.08 million) for bonds maturing in three years, three merchant bankers said on Friday. The company will pay a spread of 160 basis points over repo rate to investors, and the coupon currently works out to be 8.10%, they said.


The company had invited bids from investors and bankers earlier in the day and the issue will close for subscription next week. The bonds are rated AA+ by CRISIL.


In September, the company raised 500 million rupees through zero-coupon bonds maturing in two years and one month. ($1 = 82.7560 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)

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