The book-building process would go through the day, when the final coupon rate and quantum would be closed, merchant bankers said.
The state-run company has appointed Barclays, DBS Bank,
MUFG, Standard Chartered Bank and the London branch of the
State Bank of India as joint lead managers for the issue.
This would be the first dollar bond issue by a state-run
company after EXIM Bank in January.
In March, REC had raised an aggregate 36 billion rupees
($436.79 million), selling bonds maturing in more than five
years and over 10 years at 7.77% and 7.69%, respectively. The
10-year plus bonds have a put option at the end of over three
years.
($1 = 82.4200 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by
Dhanya Ann Thoppil)
