India New Issue-Jamnagar Utilities & Power mulls upto 20 bln rupee bond issue - bankers

CARE Ratings

26/10/2023 07:33

By Bhakti Tambe
       MUMBAI, Oct 26 (Reuters) - India's Jamnagar Utilities &
Power, a unit of Reliance Industries Holdings, is likely to
raise up to 20 billion rupees ($240.30 million) through
shorter-duration bonds, two merchant bankers said on Thursday.
    "The company is looking to raise 10-20 billion rupees via
bonds maturing in three to five years and is in discussion with
bankers," one of the bankers said. 
    Jamnagar Utilities is likely to tap the bond market by
December, bankers added. 
    The company is yet to officially announce the bond issue and
did not reply to a Reuters email seeking comment.
    The outstanding bonds of the company are rated AAA by Crisil
and Care Ratings, and they continue to take comfort from the
strong operational links with Reliance Industries.
    The company, which operates coal-based and gas-based power
plants in Jamnagar in the western Indian state of Gujarat, had
last raised 33.50 billion rupees through the sale of five-year
bonds at an annual coupon of 7.90% in August. 
    
($1 = 83.2300 Indian rupees)

 (Reporting by Bhakti Tambe)
 ((Bhakti.Tambe@thomsonreuters.com))