India New Issue-Muthoot Finance accepts bids for STRPP bonds- bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 21 (Reuters) - India's Muthoot Finance has accepted bids worth 5 billion Indian rupees ($60.52 million) for separately transferable redeemable principal part (STRPP) bonds maturing in three years, and four years and six months, three merchant bankers said on Tuesday. The non-banking financial company will pay an annual coupon of 8.65% on the issues, for which it had invited bids from bankers and investors earlier in the day. The notes are rated AA+ by CRISIL and the issues will be settled on Thursday. Earlier this month, the company raised 10 billion rupees selling STRPP bonds maturing in two years and nine months, and four years for an annual coupon of 8.65%. ($1 = 82.6140 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe Editing by Shinjini Ganguli)

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