off-the-wire

Larsen & Toubro likely to tap bond market to raise about 20 bln rupees - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Bhakti Tambe MUMBAI, March 17 (Reuters) - India's Larsen & Toubro is likely to raise up to 20 billion rupees ($242.23 million) through bonds maturing in five years, tapping the market for the first time in nearly three years, four merchant bankers said on Friday.


The company is likely to invite bids for the proposed bond issue before the end of this month, they added.


"The company is looking to pay a coupon in the range of 7.70%-7.75% but it will be finalised as they move closer to the bidding date," one of the bankers said. The company is yet to announce the bond sale and did not immediately respond to a Reuters request for comment. Larsen & Toubro last tapped the bond market in May 2020, when it raised 14.5 billion rupees selling four-year bonds at a coupon of 7.25%.


The current outstanding bonds of the company are rated AAA by CRISIL, ICRA and India Ratings.
($1 = 82.5675 Indian rupees) (Reporting by Bhakti Tambe, additional reporting by Dharamraj Dhutia; editing by Eileen Soreng)

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