India New Issue-IRFC to issue multiple tenor bonds - traders

CARE Ratings

07/10/2022 03:38

MUMBAI, Oct 7 (Reuters) - Indian Railway Finance Corp
 INID.NS  plans to raise funds through issuance of bonds
maturing in three, five and 10 years, three merchant bankers
said on Friday. 
    The company plans to raise at least 3 billion rupees 
($36.45 million) through three-year bonds with a greenshoe
option of 12 billion rupees. It will raise at least 5 billion
rupees each through five-year and 10-year notes, and will have a
greenshoe option to retain an additional 15 billion rupees and
20 billion rupees, respectively. 
    It has invited coupon and commitment bids from bankers and
investors for these issues on Monday. 
    The bonds are rated AAA by CRISIL, ICRA and CARE Ratings and
the issues will close for subscription on Tuesday. 
    This is the first bond issue by the company in this
financial year, wherein it is targeting to raise an aggregate of
60 billion rupees. 
    ($1 = 82.3100 Indian rupees)
 (Reporting by Dharamraj Lalit Dhutia; 
Editing by Sherry Jacob-Phillips)
 ((Dharamrajlalit.dhutia@tr.com))