off-the-wire

India New Issue-Muthoot Finance to issue STRPP bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 20 (Reuters) - India's Muthoot Finance plans to raise at least 5 billion Indian rupees ($60.59 million) selling separately transferable redeemable principal part (STRPP) bonds maturing in three years, and in four years and six months, three merchant bankers said on Monday.


The non-banking financial company will pay an annual coupon of 8.65% for the issue, and has invited bids from bankers and investors on Tuesday, they said. The notes are rated AA+ by CRISIL and the issue will be settled on Thursday.


The issue has a greenshoe option to retain an additional 5 billion rupees and the four-year and six-month bond issue has a put option at the end of three years. Earlier this month, the company raised 10 billion rupees selling separately transferable redeemable principal part (STRPP) bonds maturing in two years and nine months, and in four years an annual coupon of 8.65%. ($1 = 82.5200 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

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