off-the-wire

India New Issue-Shriram Finance to issue multiple-tenor bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 17 (Reuters) - India's Shriram Finance plans to raise 4.5 billion rupees ($54.55 million) through a reissue of 8.50% Ocober 2032 bonds and notes maturing in two years and one month, three merchant bankers said on Friday.


The company has invited bids for both the bond issuances from investors and bankers on Monday, they said.


The reissue of October 2032 bonds have a base size of 500 million rupees and a greenshoe option to retain an oversubscription of up to 250 million rupees.


Separately, the fresh issue of bonds maturing in April 2025 has a base size and a greenshoe option of 4 billion rupees each. The company will pay a coupon of 8.95% on this issue.


Both the bonds are rated AA+ by CRISIL. The issue will be settled late next week.


Earlier this week, the company had raised 1.35 billion rupees through bonds maturing in June 2026 and reissue of 8.50% October 2032 bond.
($1 = 82.5000 Indian rupees) (Reporting by Bhakti Tambe; Editing by Dhanya Ann Thoppil)

bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
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.