India New Issue-ICICI Prudential Life to issue 10-year bonds, bankers say

Icici Prudential Life Insurance

16/12/2024 05:06

MUMBAI, Dec 16 (Reuters) - India's ICICI Prudential Life Insurance  ICIR.NS  plans to
raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees,
through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on
Monday. 
    The private insurer has invited bids from bankers and investors for its debut bond offering
on Wednesday, the bankers added. 
    The bonds have a call option at the end of five years. 
    The company did not immediately reply to a Reuters email seeking comment. 
    
 
  Here is the list of deals reported so far on Dec. 16: 
 Issuer             Tenure              Coupon (in %)  Issue size (in   Bidding   Rating
                                                       bln rupees)*     date      
 ICICI Prudential   10 years            To be decided  12+2             Dec. 18   AAA (Crisil,
 Life Insurance                                                                   Icra)
             NDR    8 years             8.05 (payable  6.30             Dec. 20   AAA (Care,
 InvIT Trust                            quarterly)                                India Ratings)
                                                                                  
                    10 years            To be decided  5+25             Dec. 18   AA (Crisil,
 Punjab & Sind                                                                    India Ratings)
 Bank                                                                             
                                                                                  
                    13 years, 9 months  8.10 (payable  24.50            Dec. 13   AA+ (Crisil)
 Mumbai Urja Marg   and 15 days         quarterly)                                
                                                                                  
     
  *Size includes base plus greenshoe for some issues


($1 = 84.8330 Indian rupees)

 (Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan)
 ((Dharamraj.dhutia@tr.com))