India New Issue-Satin Creditcare to issue 18-month bonds -traders

Kitco Media
By Reuters
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Updated:
Reuters
MUMBAI, April 3 (Reuters) - India's Satin Creditcare Network plans to raise at least 250 million rupees ($3.04 million) selling bonds maturing in 18 months, two merchant bankers said on Monday. The company will pay an annual coupon of 11.20% on the issue and has invited commitment bids from bankers and investors on Wednesday, they said. The notes are rated A- by ICRA and the issue will close for subscription later this week. The issue has a greenshoe option to retain an additional 250 million rupees and will mature in October 2024.


In January, the company raised 250 million rupees by selling four-year bonds at an annual coupon of 12.30%. ($1 = 82.2650 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Rashmi Aich)

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