off-the-wire

India New Issue-REC sets 7.98% coupon for perpetual bonds - traders

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, April 27 (Reuters) - India's REC has set 7.98% coupon for perpetual bonds, three merchant bankers said on Thursday. The state-run company had invited bids from bankers and investors earlier in the day, and has accepted bids worth 20 billion rupees ($244.82 million), they said.


The bonds are rated AAA by CRISIL and AA+ by CARE Ratings and the issue will be settled on Friday.


The notes also have a call option at the end of the tenth year. Earlier this month, the company raised 28.48 billion rupees via bonds maturing in three years, three months and 19 days at a coupon of 7.51%. ($1 = 81.6920 Indian rupees) (Reporting by Dharamraj Dhutia and Bhakti Tambe Editing by Eileen Soreng)

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