India New Issue-IRFC accepts bids for 10-yr bonds, bankers say

Indian Railway Finance

11/06/2024 07:27

MUMBAI, June 11 (Reuters) - Indian Railway Finance Corp (IRFC)  INID.NS  has accepted
bids worth 30 billion rupees ($359.3 million) through bonds maturing in 10 years, three bankers
said on Monday.
    The state-run company has set a coupon of 7.44% and had invited coupon and commitment bids
from investors and bankers earlier in the day.
    This would be IRFC's first bond issuance in the current financial year. In March, IRFC
raised 26.16 billion rupees through the sale of five-year and three-month bonds at a 7.46%
coupon.
    
 
  Here is the list of deals reported so far on June 11: 
                                                                            
 Issuer           Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                               bln rupees)*    date         
                                                                            
 IRFC             10 years      7.44           30              June 11      AAA (Crisil)
 Northern ARC     5 years       To be decided  6.20            June 13      AA- (Icra,
 Capital                                                                    India Ratings)
             HDB     perpetual           8.55         1.5+1.5  June 12      AAA (Crisil,
 Financial                                                                  Careedge)
 Services                                                                   
                                                                            
 
  * Size includes base plus greenshoe for some issues


($1 = 83.4975 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Eileen Soreng)
 ((Bhakti.Tambe@thomsonreuters.com))