MUMBAI, April 6 (Reuters) - India's REC Limited plans to raise at least 5 billion rupees ($61 million)
through the sale of bonds maturing in three years, three months
and 19 days, three merchant bankers said on Thursday.
The state-run company has invited bids from investors and
bankers for the issue on Tuesday. Bidding will take place on the
Bombay Stock Exchange's electronic platform between 10:00 a.m.
IST and 11:00 a.m. IST, they said.
The issue also has a greenshoe option to retain an
additional subscription of up to 25 billion rupees. The bonds
are rated AAA by Crisil, ICRA and India Ratings, and the issue
will be settled on Wednesday.
This will be the first domestic bond issue by REC in the
current financial year, which started on April 1. Last week, the
company raised $750 million through its dollar-denominated green
bonds maturing in five years at a coupon of 5.6950%.
In March, REC had issued 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 more than
three years.
($1 = 81.9240 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Varun H K)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
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