off-the-wire

India New Issue-Kotak Mahindra Prime to issue multiple-tenor bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 9 (Reuters) - India's Kotak Mahindra Prime plans to raise funds through the sale of bonds maturing in two years and three months, three years and three months, and the reissue of zero-coupon bonds maturing in October 2025, three merchant bankers said on Monday. The non-banking finance company aims to raise at least 2 billion Indian rupees ($24.38 million), 3.50 billion rupees and 250 million rupees via the multiple-tenor bonds.


It invited bids from bankers and investors on Monday, and the issues will be settled next week.


The notes are rated AAA by CRISIL, and the above two-year bond has a greenshoe option to retain an additional 2 billion rupees. In February, the company raised an aggregate of 2.10 billion rupees via bonds maturing in five years and via the reissue of zero-coupon bonds maturing in October 2025.
($1 = 82.0280 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman)

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