India New Issue-GIC Housing Finance to issue multiple tenor bonds, bankers say

GIC Housing Finance

14/11/2024 10:00

MUMBAI, Nov 14 (Reuters) - India's GIC Housing Finance  GICH.NS  plans to raise 6
billion rupees ($71.11 million), which includes a greenshoe option of 1 billion rupees, through
the sale of bonds maturing in 19 months and 21 months, three bankers said on Thursday.
    It will pay an annual coupon of 8.25% and 8.28%, respectively, and has invited bids for the
issue on Tuesday, they said. 
    The coupon rate shall be increased by 25 basis points for every notch downgrade in the
credit rating.  
    The company did not immediately reply to a Reuters email seeking comment. 
    
 
   Here is the list of deals reported so far on Nov. 14: 
                                                                        
 Issuer       Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                           bln rupees)*    date         
                                                                        
 GIC Housing  19 months     8.25           2.50 + 0.50     Nov. 19      AA+ (Crisil,
 Finance                                                                Icra)
 GIC Housing  21 months     8.28           2.50 + 0.50     Nov. 19      AA+ (Crisil,
 Finance                                                                Icra)
              10 years      To be decided  10              To be        AAA (Crisil,
 DME                                                       decided      Careedge)
 Development                                                            
                                                                        
                  10 years           9.20           4      Nov. 14      AA- (Crisil)
 DCB Bank                                                               
                                                                        
                  10 years           7.14           38.30  Nov. 14      AAA (India
 NHB                                                                    Ratings)
                                                                        
 
*Size includes base plus greenshoe for some issues


($1 = 84.3770 Indian rupees)

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