The company had plans to raise at least 5 billion rupees ($61.04 million) through the issue and had invited bids from bankers and investors earlier in the day, they said.
The bonds were rated AAA by India Ratings and ICRA, and had a greenshoe option to retain an additional 15 billion rupees. "The company was able to garner bids worth only 18.67 billion rupees and that too at very elevated levels. Hence, it must have decided to withdraw the issue," one of the bankers said.
The company made an appearance in the privately placed corporate bond market in March 2022, after a hiatus of eight years. It had then raised 15 billion rupees through the sale of 10-year bonds at an annual coupon of 7.17%. ($1 = 81.9150 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Sohini Goswami)
