India New Issue-IndoStar Capital Finance to issue multiple tenor bonds - bankers

IndoStar Capital Finance

03/08/2023 03:59

(NOTE TO SUBSCRIBERS: Reuters is considering discontinuing the following 'India New Issue'
report. If you have feedback or questions, please contact India Financial News Editor Ira Dugal
Ira.Dugal@thomsonreuters.com prior to August 7)
       MUMBAI, Aug 3 (Reuters) - India's IndoStar Capital Finance  INAC.NS  plans to raise an
aggregate of six billion Indian rupees ($72.51 million) through the sale of bonds maturing in
two years and three years, three bankers said on Thursday.
    It will pay an annual coupon of 9.95% and 9.85% respectively, and has invited commitment
bids for the issue on Aug. 4, they said. In June, it had raised seven billion rupees through the
sale of bonds maturing in 21 months and in two years.

 Below is the list of deals reported so far on Aug. 3:
             Issuer                                                               
                        Tenure        Coupon (in %)  Issue size (in  Bidding        Rating
                                                     bln rupees)*    date         
                                                                                  
 IndoStar Capital       2-yr          9.95           3.5             Aug 4        AA-
 Finance                                                                          (Crisil)
 IndoStar Capital       3-yr          9.85           2.5             Aug 4        AA-
 Finance                                                                          (Crisil)
             Avanse     2-yr and 11   To be decided  1               Aug 4        AA-
 Financial Services     mnts                                                      (Care)
 reissue                                                                          
                                                                                  
             Avanse     3-yr and 1    9.40           1 + 1.5         Aug 4        AA-
 Financial Services     mnt                                                       (Care)
                                                                                  
             Tata              STRPP         7.9050              60  Aug 2        AAA
 Capital Financial                                                                (Crisil)
 Services                                                                         
                                                                                  
 Muthoot Fincorp                3-yr  9.10                 1 + 0.25  Aug 4        AA-
                                                                                  (Crisil)
 *Size includes base plus greenshoe for some issuances


($1 = 82.7480 Indian rupees)

 (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman)
 ((Dharamraj.dhutia@tr.com))