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India New Issue-Kerala Financial Corp to issue 6-10 year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 20 (Reuters) - India's Kerala Financial Corp plans to raise at least 2.5 billion rupees ($30.27 million) through separately transferable redeemable principal part (STRPP) bonds, three bankers said on Monday.


The Kerala state-owned non-banking finance company, which last tapped the market in September 2020 to raise 2.5 billion rupees, will pay a coupon of 8.90% and has invited bids from investors on Thursday.


The latest 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 bonds carry five tenors from 6 years to 10 years with equal quarterly redemption in each series, according to the term sheet. Last week, Reuters reported that Kerala Financial Corp planned to raise at least 2.5 billion rupees STRPP bonds. ($1 = 82.5880 Indian rupees) (Reporting by Bhakti Tambe; Editing by Shinjini Ganguli)

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