India New Issue-ONGC Petro accepts bids for 18-month bonds - bankers

MUMBAI, March 10 (Reuters) - India's ONGC Petro additions Ltd has accepted bids worth 5 billion rupees ($60.93 million) for bonds maturing in 18 months, three merchant bankers said on Friday. The company will pay a coupon of 8.57% on this bond issue for which it had invited bids from bankers and investors earlier in the day.

The notes are rated AA by CRISIL and ICRA and the issue will be settled next week.

In January, the company had withdrawn its planned reissue of 8.58% November 2029 bonds on higher yield bids. ($1 = 82.0550 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia)

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India New Issue-ONGC Petro accepts bids for 18-month bonds - bankers

By Reuters

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