off-the-wire

India New Issue-Indostar Capital Finance to issue multiple tenor bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, May 11 (Reuters) - India's Indostar Capital Finance plans to raise up to 2.55 billion rupees ($31.18 million) through sale of two bonds, one maturing in three years and 10 days and the other in two years, three bankers said on Thursday. The company has invited bids from bankers and investors for both bond issuances on Friday, they said.


Indostar will pay a coupon of 10.25% on bonds maturing in over three years and plans to raise 250 million rupees. The issue also has a put option on May 15, 2025 with notes maturing in May 2026. Separately, the company will pay a coupon of 9.95% on the two-year bonds, maturing in May 2025. It plans to raise 2.3 billion rupees via this issue.


The bonds are rated AA- by CRISIL and the issue will be settled on Monday. In March, the company raised an aggregate of 5 billion rupees via bonds maturing in 18 months and in two years.
($1 = 81.7800 Indian rupees) (Reporting by Bhakti Tambe; Editing by Janane Venkatraman)

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