India New Issue-GMR Hyderabad International accepts bids for 10-year bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 10 (Reuters) - India's GMR Hyderabad International Airport has accepted bids worth 8.40 billion rupees ($102.4 million) for bonds maturing in 10 years, three merchant bankers said on Friday. The company will pay a coupon of 8.71% on this bond issue for which it had invited bids from bankers and investors earlier in the day. The notes are rated AA by India Ratings and ICRA, and the issue will be settled next week. The issue has a staggered redemption and 50% of the amount would be redeemed equally in four instalments at the end of sixth year, seventh years, eighth year and ninth year. The remaining amount would be redeemed at the maturity. In December, the company had raised 11.50 billion rupees by selling bonds maturing in 10 years at a coupon of 8.8050%, payable on a quarterly basis.


($1 = 82.0250 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K Editing by)

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