India New Issue-Kerala Financial Corp accepts bids for STRPP bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, April 28 (Reuters) - India's Kerala Financial Corp has accepted bids worth 2.74 billion rupees ($33.51 million) through separately transferable redeemable principal part (STRPP) bonds, three bankers said on Friday. The Kerala state-owned non-banking finance company will pay a coupon of 8.63% on this issue, for which it had invited bids from investors earlier in the day. The bonds are rated AA by Acuite Ratings. The bonds carry five tenors from six years to 10 years, with equal quarterly redemptions in each series. In March, the company raised 4.76 billion rupees through STRPP bonds at a coupon of 8.90%.
($1 = 81.7640 Indian rupees) (Reporting by Bhakti Tambe)

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