off-the-wire

REFILE-India New Issue-PFC to issue multiple tenor year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Corrects to Wednesday in first paragraph from Thursday) MUMBAI, March 8 (Reuters) - India's Power Finance Corp plans to raise funds through bonds maturing in three years and four months, and in 10 years, three merchant bankers said on Wednesday. The state-run company aims to raise at least 6 billion rupees ($73.1 million) through the sale of bonds maturing in three years and four months, and at least 5 billion rupees via 10-year bonds, they said.


The issues will have a greenshoe option to retain additional 29 billion rupees and 20 billion rupees, respectively. PFC invited commitment bids for them on Friday.


The bonds are rated AAA by CRISIL, CARE and ICRA and the issue will be settled on Monday. Earlier this month, PFC raised 34.69 billion rupees selling bonds maturing in 15 years at an annual coupon of 7.82%. ($1 = 82.1100 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman)

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