off-the-wire

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

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, April 19 (Reuters) - India's National Housing Bank (NHB) plans to raise at least 5 billion rupees ($60.90 million) through bonds maturing in three years and 10 days, three bankers said on Wednesday.


The company has invited bids from investors and merchant bankers on Friday. Bidding will take place on the Bombay Stock Exchange's electronic platform between 10:30 a.m. IST and 12:00 IST, they said.


The issue also has a greenshoe option to retain an additional subscription of up to 15 billion rupees. The bonds are rated AAA by CRISIL and ICRA and the issue will be settled next week. The notes will have put and call option at the end of the one year and one day. Last week, Reuters reported that NHB is likely to raise up to 20 billion rupees by selling bonds maturing in around three years.


In March, NHB raised 19 billion rupees through bonds maturing in three years and 10 days at a coupon of 7.77%, and this issue had a put and call option at the end of one year. ($1 = 82.1025 Indian rupees) (Reporting by Bhakti Tambe)

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