India New Issue-Tapir Constructions accepts bids for multiple tenor bonds - traders

Embassy Developments

14/09/2022 11:57

MUMBAI, Sept 14 (Reuters) - India's Tapir Constructions has
accepted bids worth an aggregate of 1.50 billion Indian rupees
($18.87 million) for bonds maturing in 21 and 30 months, two
merchant bankers said on Wednesday.
    The company, a wholly owned subsidiary of Indiabulls Real
Estate  INRL.NS , had invited bids from bankers and investors
for the issue earlier in the day, they said.
    It has accepted bids worth 1 billion rupees for the 21-month
bonds and 500 million rupees for the 30-month notes, and will
pay a coupon of 12.25% for both the options.
    The bonds carry a credit enhancement in the form of
unconditional and irrevocable corporate guarantee issued by
Indiabulls Real Estate. 
    The issue is rated AA-(CE) by Infomerics and it will close
for subscription on Friday.
 ($1 = 79.4740 Indian rupees)

 (Reporting by Dharamraj Lalit Dhutia; Editing by Savio D'Souza)
 ((Dharamrajlalit.dhutia@tr.com))