India New Issue-Tapir Constructions to issue multiple tenor bonds - traders

Embassy Developments

07/09/2022 04:48

MUMBAI, Sept 7 (Reuters) - India's Tapir Constructions plans
to raise an aggregate of 1.50 billion rupees ($18.78 million)
through sale of 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 , has invited bids from bankers and investors
for the issue on Thursday, they said.
    It aims to raise one billion rupees through 21-month bonds
and 500 million rupees through 30-month notes. 
    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 = 79.8730 Indian rupees)

 (Reporting by Dharamraj Lalit Dhutia; Editing by Dhanya Ann
Thoppil)
 ((Dharamrajlalit.dhutia@tr.com))