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India New Issue-IIFCL to issue 10-year bonds – bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 9 (Reuters) - India Infrastructure Finance Co plans to raise at least 5 billion rupees ($60.96 million) through bonds maturing in 10 years, three merchant bankers said on Thursday. The company has invited bids from bankers and investors on Monday. Bidding will take place on the Bombay Stock Exchange's electronic platform between 10:30 a.m. and 11:30 a.m. IST, they said.


The bonds are rated AAA by India Ratings and ICRA, and the issue will be settled on Wednesday.


The issue also has a greenshoe option to retain an oversubscription of up to 15 billion rupees.


In February, Reuters had reported that the company was planning to tap the market with bonds maturing in 10 years.


The company made an appearance in the privately placed corporate bond market in March 2022, after a hiatus of eight years. It had then raised 15 billion rupees through the sale of 10-year bonds at an annual coupon of 7.17%. ($1 = 82.0180 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Dhanya Ann Thoppil)

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