MUMBAI, April 11 (Reuters) - India's REC Limited has accepted bids worth 28.48 billion rupees ($347.2
million) for bonds maturing in three years, three months and 19
days, three merchant bankers said on Tuesday.
The state-run company has set a coupon of 7.51% on the
issue, for which it had invited bids earlier in the day.
The bonds are rated AAA by Crisil, ICRA and India Ratings,
and the issue will be settled on Wednesday.
The issue had a base size of 5 billion rupees and a
greenshoe option of 25 billion rupees.
This was 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.
($1 = 82.0400 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by
Varun H K)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
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