off-the-wire

India New Issue-Shriram Finance accepts bids for multiple-tenor bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 20 (Reuters) - India's Shriram Finance has accepted bids worth an aggregate of 4.50 billion Indian rupees ($54.51 million) for reissue of 8.50% October 2032 bonds and notes maturing in two years and one month, three merchant bankers said on Monday.


The company will offer a yield of 8.6985% for reissue and an annual coupon of 8.95% on shorter tenor papers, and had invited bids for both the bond issuances from investors and bankers earlier in the day, they said.


Both the bonds are rated "AA+" by CRISIL and the issues will be settled later this week.


Earlier this month, the company had raised 1.35 billion rupees through bonds maturing in June 2026 and reissue of an 8.50% October 2032 bond. ($1 = 82.5550 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Maju Samuel)

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