MUMBAI, March 9 (Reuters) - India's REC plans to
raise at least 5 billion rupees ($61 million) through the sale
of bonds, each maturing in five years and 16 days and 10 years
and 16 days, three merchant bankers said on Thursday.
The state-run company has invited coupon and commitment bids
from bankers and investors on Monday and the issues have a
greenshoe option to retain an additional 15 billion rupees each,
they said.
The bonds are rated AAA by CRISIL and ICRA and will be
settled next week.
The over 10-year bonds will have a put option at the end of
three years and 16 days.
In January, REC raised 31.49 billion rupees through bonds
maturing in three years and one month at a 7.60% coupon.
($1 = 81.9600 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by
Sonia Cheema)
