off-the-wire

India New Issue-JM Financial ARC to issue 3-year bonds  - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, April 10 (Reuters) - India's JM Financial ARC plans to raise at least 250 million rupees ($3.05 million) through the sale of bonds maturing in three years, two merchant bankers said on Monday. The company will pay an annual coupon of 9.00% and has invited bids from bankers and investors on Tuesday, they said. The notes are rated AA- by ICRA and will be settled on Wednesday.


The issue has a greenshoe option to retain an additional 250 million rupees.


In February, it raised 3.50 billion rupees via the sale of bonds maturing in two years and three months and in two years and six months an annual coupon of 10.20% on each issue.
($1 = 81.8600 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

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