MUMBAI, April 26 (Reuters) - India's Mahindra and
Mahindra Financial Services has accepted bids worth 42
billion rupees ($514.03 million) for two sets of separately
transferable redeemable principal part (STRPP) bonds, three
merchant bankers said on Wednesday.
The company will pay a coupon of 8% on both the bond
issuances.
The first set of STRPP bonds will mature in two years and
four years, and the second in two years and two months and four
years and two months.
The company has accepted bids worth 21 billion rupees via
each option and had invited bids from bankers and investors
earlier in the day.
The notes are rated AAA by Crisil, and the issue will be
settled later this week.
Earlier this month, the company raised 6.82 billion rupees
selling bonds maturing in three years and one month at an annual
coupon of 8.25%.
($1 = 81.7080 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
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