off-the-wire

India New Issue-India Grid Trust accepts bids for issue of multiple tenor bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 27 (Reuters) - India Grid Trust has accepted bids worth 5 billion rupees ($60.36 million) each for bonds maturing in five years and eight years, three merchant bankers said on Monday.


The company will pay a coupon of 7.85% and 7.92% on the five-year and eight-year bonds, respectively, and this would be payable on a quarterly basis, they said. It had invited commitment bids from bankers and investors earlier in the day and the issues will close for subscription later this week. The notes of the infrastructure investment trust, or InvIT, are rated AAA by ICRA and India Ratings.


This is the first issue by the company in this financial year. ($1 = 82.8340 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sohini Goswami)

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