India New Issue-IRFC accepts bids for over 5-year bonds, bankers say

Indian Railway Finance

14/03/2024 06:46

MUMBAI, March 14 (Reuters) - Indian Railway Finance Corp (IRFC)  INID.NS  has accepted
bids worth 26.16 billion rupees  ($315.7 million) for bonds maturing in five years and three
months, three bankers said on Thursday.
    The state-run company has set a coupon of 7.46% and had invited coupon and commitment bids
from investors and bankers earlier in the day, they said.
    In February, IRFC raised 30 billion rupees through sale of 10-year bonds at a 7.44% coupon.
    
  Here is the list of deals reported so far on March 14: 
             Issuer                                                            
                     Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                                  bln rupees)*    date         
                                                                               
 IRFC                5 years and   7.46%          26.16           March 14     AAA (Crisil,
                     3 months                                                  Icra)
 Bajaj Finance       9 years and   To be decided  5+25            March 15     AAA (Crisil)
 Feb 2034 reissue    11 months                                                 
             Aditya  3 years and   8.33           7.5+12.5        March 15     AAA (Icra, India
 Birla Finance       2 months                                                  Ratings)
                                                                               
             Adani   2 years and   9.75           1.5             March 15     AA- (Crisil)
 Capital             11 months                                                 
                                                                               
 Adani Capital       3 years       9.75           1.5             March 15     AA- (Crisil)
 Adani Airport       3 years       9.95           0.75            March 13     A+ (Crisil,
 Holdings                                                                      India Ratings)
 Adani Airport       5 years       10.00          0.75            March 13     A+ (Crisil,
 Holdings                                                                      India Ratings)
             M&M          3 years   8.28 (yield)              10  March 13     AAA (Crisil,
 Financial March                                                               India Ratings)
 2027 reissue                                                                  
                                                                               
 
*Size includes base plus greenshoe for some issues


($1 = 82.8660 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Savio D'Souza)
 ((Bhakti.Tambe@thomsonreuters.com))