off-the-wire

India New Issue-Power Finance Corp to issue 15-year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, Feb 28 (Reuters) - India's Power Finance Corp (PFC) plans to raise at least 6 billion rupees ($72.67 million) by selling bonds maturing in 15 years, three merchant bankers said on Tuesday.


The state-run company has invited coupon and commitment bids from bankers and investors between 10:30 a.m. and 11:30 a.m. IST on Thursday, they said.


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


The issue has a greenshoe option to retain an additional 29 billion rupees.


Earlier this month, PFC raised 35 billion rupees selling bonds maturing in 10 years at an annual coupon of 7.64%.
($1 = 82.5680 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe Editing by Eileen Soreng)

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