off-the-wire

India New Issue-Muthoot Finance to issue STRPP bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 13 (Reuters) - India's Muthoot Finance plans to raise at least 10 billion rupees ($122.01 million) through sale of separately transferable redeemable principal part (STRPP) bonds maturing in two years and nine months and in four years, three merchant bankers said on Monday. The non-banking finance company has invited bids for the issue from bankers and investors on Tuesday, they said.


The notes are rated AA+ by CRISIL, and the issue will close for subscription later in the week.


The issue has a greenshoe option to retain an additional six billion rupees, while the four-year bonds will also have a put option at the end of two years and nine months.


In February, the company raised 4.65 billion rupees selling bonds maturing in 30 months, and in three years and one month at an annual coupon of 8.60% and 8.65% on these issues.


($1 = 81.9600 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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