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India New Issue-Cholamandalam Investment to issue 3-year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, May 10 (Reuters) - Cholamandalam Investment and Finance Co plans to raise at least 5 billion rupees ($61.14 million) through bonds maturing in three years, three merchant bankers said on Wednesday. The company will pay a coupon of 8.25% on this bond issue for which it has invited bids from investors and bankers on Friday, they said.


The issue also has a greenshoe option to retain an additional subscription of 2 billion rupees.


The bonds are rated AA+ by ICRA and the issue will be settled on Monday. In February, Cholamandalam Investment raised 4.52 billion rupees via bonds maturing in three years and one month at an annual coupon of 8.50%.
($1 = 81.78 Indian rupees) (Reporting by Bhakti Tambe; Editing by Shailesh Kuber)

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