off-the-wire

India New Issue-IRFC to issue multiple tenor bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 13 (Reuters) - Indian Railway Finance Corp Ltd (IRFC) plans to raise at least 5 billion rupees ($60.9 million) each through two bond issues, one maturing in 15 years and 29 days and the other in three years and 29 days, three merchant bankers said on Monday. The state-run company has invited bids for both the bond issues on Wednesday, they said. The issue of bonds maturing in 15 years and 29 days has a greenshoe option to retain an oversubscription of 25 billion rupees and the bonds will mature in April 2038.


Separately, the issue of bonds maturing in three years and 29 days has a greenshoe option to retain an oversubscription of 15 billion rupees and the bonds will mature in April 2026. The bonds are rated AAA by CRISIL and CARE and the issue will be settled on Friday. In February, IRFC raised 24.43 billion rupees through bonds maturing in 10 years, one month and 18 days at a coupon of 7.75%.


($1 = 82.1740 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Savio D'Souza)

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