India New Issue-REC sets coupon of 7.69% on over 10-year bond issue

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 13 (Reuters) - India's REC has set a coupon of 7.69% on bonds maturing in 10 years and 16 days, three merchant bankers said on Monday.


The company accepted bids worth 16 billion rupees ($195.41 million) on the 10-year bond issue, which has a put option at the end of three years and 16 days. Separately, REC accepted bids worth 20 billion rupees for the issue of bonds maturing in five years and 16 days. It will pay a coupon of 7.77% on this issue. The company had invited bids for both the bond issuances earlier in the day. The bonds are rated AAA by CRISIL and ICRA and will be settled next week. In January, REC raised 31.49 billion rupees through bonds maturing in three years and one month at a 7.60% coupon.
($1 = 81.8800 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sohini Goswami)

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