off-the-wire

India New Issue-Spandana Sphoorty Financial accepts bids for 2-year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 17 (Reuters) - India's Spandana Sphoorty Financial Ltd has accepted bids worth 1.25 billion rupees ($15.1 million) for bonds maturing in two years, two merchant bankers said on Friday.


The company will pay a coupon of 10.50% on this issue and had invited bids from investors and bankers on Thursday, they said.


The bonds are rated A by India Ratings and the issue will be settled later in the day.


In December, the company had raised an aggregate of 3 billion rupees for bonds maturing in two years and four months, and in three years, both at an annual coupon of 11.35%. ($1 = 82.5870 Indian rupees) (Reporting by Dharamraj Dhutia Editing by Sonia Cheema)

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