India New Issue-IIFCL accepts bids for 15-year bonds, bankers say

ICRA

12/03/2024 07:01

MUMBAI, March 12 (Reuters) - India Infrastructure Finance Co (IIFCL) had accepted bids
worth 15 billion rupees ($181.27 million) for bonds maturing in 15 years, three bankers said on
Tuesday.
    The company has set a coupon of 7.34% on this bond issue, for which it had invited bids
earlier in the day.
    In December, the company raised 10 billion rupees selling 15-year bonds at a coupon of
7.67%.
    
  Here is the list of deals reported so far on March 12: 
             Issuer                                                         
                     Tenure        Coupon (in %)  Issue size (in            Rating
                                                  bln rupees)*    Bidding   
                                                                  date      
                                                                            
                                                                            
 IIFCL               15 years      7.34           15              March 12  AAA (Icra,
                                                                            India Ratings)
 PFC                 3 years and   7.55           27.54           March 12  AAA (Crisil,
                     1 month                                                Icra)
             IREDA   5 years and   To be decided  3+7             March 14  AAA (ICRA,
                     2 months                                               India Ratings)
             M&M     3 years       To be decided  5+15            March 13  AAA (Crisil,
 Financial March                                                            India Ratings)
 2027 reissue                                                               
                                                                            
             NIIF    12 years      To be decided  2.5+3.5         March 13  AAA (ICRA,
 Infra Finance                                                              Careedge)
                                                                            
             DMI     3 years       9.80           4.64            March 11  AA (ICRA)
 Finance                                                                    
                                                                            
             Ramco   4 years and   7.80           1.50            March 11  AA+ (ICRA)
 Cements             6 months                                               
                                                                            
 Ramco Cements       4 years and   7.80           1.50            March 11  AA+ (ICRA)
                     9 months                                               
 Ramco Cements       5 years       7.80           2               March 11  AA+ (ICRA)
 
 * Size includes base plus greenshoe for some issues

   ($1 = 82.7500 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia)
 ((Bhakti.Tambe@thomsonreuters.com))