India New Issue-Muthoot Finance to issue 5-year bonds - bankers

MUMBAI, April 19 (Reuters) - India's Muthoot Finance plans to raise at least 4 billion rupees ($48.68 million) through bonds maturing in five years, three merchant bankers said on Wednesday. The company will pay a coupon of 8.5% on this bond issue, for which it has invited bids from investors and bankers on Friday. The issue also has a greenshoe to retain an additional subscription of up to 3 billion rupees.

The bonds are rated AA+ by CRISIL and have a put option on May 25, 2026. The issue will be settled next week.

In March, the company had raised 5 billion Indian rupees through separately transferable redeemable principal part bonds maturing in three years, and four years and six months. ($1 = 82.1770 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Janane Venkatraman)

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India New Issue-Muthoot Finance to issue 5-year bonds - bankers

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