($1 = 81.8050 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Savio D'Souza)
By Bhakti Tambe and Dharamraj Dhutia
MUMBAI, May 4 (Reuters) - DME Development, a unit of the
National Highways Authority of India (NHAI), is looking to tap
the bond market for the third time in four months, three
merchant bankers said on Thursday.
The company aims to raise around 20 billion rupees ($244.5
million) through the sale of 10-year bonds and will invite bids
for the issue later this month, the merchant bankers said.
The bonds are rated AAA by Crisil and CARE Ratings.
DME is yet to make an official announcement and NHAI did not
immediately respond to an email from Reuters seeking comment.
DME is a special-purpose vehicle created by the NHAI in
August 2020 for the construction of the greenfield Delhi-Mumbai
Expressway that passes through the states of Delhi, Rajasthan,
Madhya Pradesh, Gujarat and Maharashtra.
In March, DME raised 23.55 billion rupees through 10-year
bonds at a semi-annual coupon of 7.89%.
That was a month after it raised 36.84 billion rupees
through 10-year bonds at a semi-annual coupon of 7.82%.
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