India New Issue-JSW Steel accepts bids for over 3-year bonds, bankers say

ICRA

12/03/2024 09:50

MUMBAI, March 12 (Reuters) - India's JSW Steel  JSTL.NS  has accepted bids worth 5
billion rupees ($60.4 million) for bonds maturing in three years and two months, three merchant
bankers said on Tuesday.
    The steel company will pay a coupon of 8.39% on this issue, for which it had invited bids
from investors and bankers earlier in the day.
    The issue has a call option at the end of three years.
    
 
  Here is the list of deals reported so far on March 12: 
             Issuer                                                         
                     Tenure        Coupon (in %)  Issue size (in            Rating
                                                  bln rupees)*    Bidding   
                                                                  date      
                                                                            
                                                                            
 JSW Steel           3 years and   8.39           5               March 12  AA (India
                     2 months                                               Ratings)
             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 = 82.7412 Indian rupees)

 (Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
 ((Dharamraj.dhutia@tr.com))