India New Issue-REC to reissue multiple tenor bonds - bankers

MUMBAI, May 11 (Reuters) - India's REC plans to raise at least 10 billion rupees ($122.28 million) through the reissue of two bonds, 7.89% March 2030 and 6.92% March 2032, three merchant bankers said on Thursday.

The company has invited bids for the bond issuances on Tuesday. Bidding will take place on the National Stock Exchange's electronic bidding platform, they said. The bond issuances have a base size of 5 billion rupees and greenshoe option of 15 billion rupees each.

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

In April, REC raised 20 billion rupees via perpetual bonds at a coupon of 7.98%.
($1 = 81.7800 Indian rupees) (Reporting by Bhakti Tambe; Editing by Sohini Goswami)

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India New Issue-REC to reissue multiple tenor bonds - bankers

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