off-the-wire

India New Issue-TVS Motor accepts bids for 3-year bonds – bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 13 (Reuters) - India's TVS Motor has accepted bids worth 1.25 billion Indian rupees ($15.22 million) for bonds maturing in three years, three merchant bankers said on Monday.


The company will pay an annual coupon that's 140 basis points above the Reserve Bank of India's repo rate. This currently works out to be 7.90%. It had invited bids from bankers and investors earlier in the day.


The bonds are rated AA+ by CARE Ratings, and the issue will be settled next week. ($1 = 82.1070 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.