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)
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.
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