India New Issue-CreditAcess Grameen to raise funds via public issue

CreditAccess Grameen

09/11/2022 03:22

Mumbai, Nov 9 (Reuters) - India's CreditAcess Grameen
 CRDE.NS  plans to raise at least 2.50 billion Indian rupees
($30.8 million) through a public issue of non-convertible
debentures, two merchant bankers said on Wednesday.
    The microfinance lender's issue will open for subscription
on Nov. 14 and will close on Dec 2.
    The lender is offering bonds maturing in 24 months, 36
months and 60 months, and will pay an annual coupon of 9.45%,
9.60% and 10.00%, respectively.
    The bonds are rated AA- by India Ratings.
    AK Capital is the sole arranger for the issue, which has a
greenshoe option to retain an additional 2.50 billion rupees.
    In March, the company took board approval to raise 15
billion rupees through a public issue of NCDs.
 
 ($1 = 81.3010 Indian rupees)
 (Reporting by Bhakti Tambe; Editing by Savio D'Souza)
 ((bhakti.tambe@tr.com))