India New Issue-Federal Bank accepts bids for infra bonds, bankers say

Federal Bank

08/11/2024 08:44

MUMBAI, Nov 8 (Reuters) - India's Federal Bank  FED.NS  has accepted bids worth 15 billion rupees ($177.78 million) for infrastructure bonds maturing in 10 years, three merchant bankers said on Friday.
    The private bank will pay an annual coupon of 7.76% and had invited bids from bankers and investors earlier in the day, they said.
    The bank did not reply to a Reuters email seeking comment.
    
    
Here is the list of deals reported so far on Nov. 8
                                                    
                     Coupon    Issue                
 Issuer  Tenure    (in %)     size (in    Bidding   Rating
                              bln         date      
                              rupees)*              
                                                    
 Federa  10 years  7.76       15          Nov. 8    AA+
 l Bank                                             (Care)
 IRFC    15 years      To be        5+25  Nov. 11   AAA
                     decided                        (Crisil,
                                                    Icra)
     
    *Size includes base plus greenshoe for some issues
     
     
     
    ($1 = 84.3725 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
((Dharamraj.dhutia@tr.com))