India New Issue-NABARD to issue over 3-year bonds - bankers

Kitco Media
By Reuters
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Reuters
MUMBAI, April 19 (Reuters) - India's National Bank for Agriculture and Rural Development (NABARD) plans to raise at least 20 billion rupees ($243.30 million) through bonds maturing in three years, three months and seven days, three bankers said on Wednesday. The state-run company has invited bids from investors and bankers on Friday, they said, adding bidding would take place on the National Stock Exchange's electronic bidding platform between 11:30 a.m. IST and 12:30 p.m. IST. The issue also has a greenshoe option to retain an additional subscription of up to 30 billion rupees. The bonds are rated AAA by CRISIL and will mature in July 2026. The issue will be settled on Monday. In March, NABARD raised 8.6 billion rupees through bonds maturing in 15 years at a coupon of 7.78%.


($1 = 82.2040 Indian rupees) (Reporting by Bhakti Tambe; Editing by Savio D'Souza)

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