India New Issue-Arka Fincap to issue STRPP bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 14 (Reuters) - India's Arka Fincap plans to raise 3 billion rupees ($36.4 million) by selling separately transferable redeemable principal part (STRPP) bonds maturing in two years, and in three years and six months, three merchant bankers said on Tuesday. The company will pay an annual coupon of 9.35% on these issues, and has invited bids from bankers and investors on Thursday, they said. The bonds are rated AA- by CRISIL and the issue will be settled on Friday. The three-year-and-six-month bonds have a put option at end of two years. In January, Arka Fincap raised 2 billion rupees selling bonds maturing in two years and two months at an annual coupon of 9.35%.


($1 = 82.3350 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Savio D'Souza)

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