($1 = 82.4380 Indian rupees) (Reporting by Bhakti Tambe; Editing by Varun H K)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: )) By Bhakti Tambe
MUMBAI, March 14 (Reuters) - India's Kerala Financial
Corp plans to raise at least 2.5 billion rupees ($30.3 million)
through separately transferable redeemable principal part
(STRPP) bonds, as per a term sheet seen by Reuters and
corroborated by two bankers.
The Kerala state-owned non-banking finance company, which
last tapped the market in September 2020, is likely to invite
bids for the proposed issue next week, the merchant bankers said
on Tuesday.
The company did not immediately respond to a Reuters request
for comment and is yet to announce the bond sale.
The bonds carry five tenors from 6 years to 10 years with
equal quarterly redemption in each series, the term sheet
showed.
The issue also has a greenshoe option to retain an
additional 5 billion rupees.
The bonds are provisionally rated AA by Acuite Ratings and
Infomerics Ratings.
The last time the company tapped the bond market was in
September 2020, when it raised 2.5 billion rupees selling 6-10
year STRPP bonds.
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