India New Issue-IRFC to issue over 5-year bonds, bankers say

Indian Railway Finance

12/03/2024 10:23

MUMBAI, March 12 (Reuters) - Indian Railway Finance Corp (IRFC)  INID.NS  plans to raise
30 billion rupees ($362.5 million), which includes a greeenshoe option of 25 billion rupees,
through sale of bonds maturing in five years and three months, three bankers said on Tuesday.
    The state-run company has invited coupon and commitment bids from investors and bankers on
Thursday, they said.
    In February, IRFC had raised 30 billion rupees through sale of 10-year bonds at 7.44%
coupon.

    
   Here is the list of deals reported so far on March 12: 
             Issuer                                                         
                     Tenure        Coupon (in %)  Issue size (in            Rating
                                                  bln rupees)*    Bidding   
                                                                  date      
                                                                            
                                                                            
 IRFC                5 years and   To be decided  5+25            March 14  AAA (Crisil,
                     2 months                                               Icra)
             JSW     3 years and   8.39           5               March 12  AA (India
 Steel               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 = 82.7579 Indian rupees)

 (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)
 ((Dharamraj.dhutia@tr.com))