off-the-wire

India New Issue-PFC to issue multiple tenor bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 27 (Reuters) - India's Power Finance Corp (PFC) plans to raise at least 10 billion rupees ($121.45 million) through two bond issuances, one maturing in three years, five months and 15 days and the other in five years and 15 days, three merchant bankers said on Monday.


The state-run company has invited bids for both the bond issuances on Wednesday, they added.


Both the bond issuances have a base size of 5 billion rupees and a greenshoe option of 20 billion rupees each to retain an additional subscription.


The bonds are rated AAA by CRISIL and the issue will be settled later this week.


Last week, PFC raised 12 billion rupees through bonds maturing in 10 years and 19 days at a coupon of 7.66% and another 5.84 billion rupees through a similar maturity bonds at a coupon of 7.70%.
($1 = 82.3400 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe)

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