MUMBAI (Reuters) – India’s plans to raise at least 5 billion rupees ($62.52 million) through sale of compliant additional Tier I perpetual bonds, three merchant bankers said on Monday.


The state-run lender has invited coupon and commitment bids from bankers and investors on Tuesday, they said.


The bonds are rated AA+ by ICRA and India Ratings.


The issue will close for subscription later this week.


It has a call option at end of five years, and will also have a greenshoe option to retain an additional 20 billion rupees.


Earlier this month, the bank had raised 10 billion rupees through sale of infrastructure bonds maturing in seven years.


($1 = 79.9740 Indian rupees)


 


(Reporting by Dharamraj Lalit Dhutia; Editing by Neha Arora)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



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