off-the-wire

India New Issue-IIFCL to raise around 25 bln rupees via 10-year bonds in May – bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Dharamraj Dhutia MUMBAI, May 2 (Reuters) - India Infrastructure Finance Co is likely to tap the bond market later this month, after having withdrawn a previous issue in March due to tepid investor demand, two merchant bankers said on Tuesday. The company aims to raise around 25 billion rupees ($305.7 million) through bonds maturing in 10 years and is likely to invite bids from bankers and investors in the next few days, they said. The bonds are rated AAA by India Ratings and ICRA.


The company is yet to make an official announcement, and did not immediately reply to a Reuters email seeking comment.


In March, the company withdrew its planned 10-year bond issue to raise 20 billion rupees as the bids were above the company's expectations.


The company had last hit the privately placed corporate bond market in March 2022 after an eight-year hiatus when it raised 15 billion rupees through the sale of 10-year bonds at an annual coupon of 7.17%.
($1 = 81.7850 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Dhanya Ann Thoppil )

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