India New Issue-Shriram Finance to issue 3-year bonds - bankers

MUMBAI, April 28 (Reuters) - India's Shriram Finance plans to raise at least 500 million rupees ($6.11 million) through bonds maturing three years, two merchant bankers said on Friday.

The company will pay a coupon of 8.75% on the bond issue, for which it has invited bids from investors and bankers on Wednesday.

The issue has a greenshoe option to retain an additional subscription of 250 million rupees.

The bonds are rated AA+ by CRISIL and the issue will be settled later next week.

In February, the company raised 350 million rupees via reissue of 8.50% October 2032 bonds at a yield of 8.42%.

($1 = 81.8300 Indian rupees) (Reporting by Bhakti Tambe; Editing by Sohini Goswami)

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India New Issue-Shriram Finance to issue 3-year bonds - bankers

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