India New Issue-India's MTNL sets coupon for 10-year bonds - traders

Mahanagar Telephone Nigam

14/11/2022 07:06

MUMBAI, Nov 14 (Reuters) - India's Mahanagar Telephone
Nigam  MTNL.NS  has set 8.00% semi-annual coupon for
government-guaranteed bonds maturing in 10 years, five merchant
bankers said on Monday. 
    The state-run company had invited coupon and commitment bids
from bankers and investors earlier in the day, and has accepted
bids worth 61.10 billion Indian rupees ($753.02 million), they
said.
    The notes are rated AAA (CE) by India Ratings and CARE
Ratings and the issue will close for subscription on Tuesday.
    This is the first issuance by the company in over two years.
In October-December 2020, MTNL had raised around 65 billion
rupees through two 10-year government-guaranteed bond issuances
at semi-annual coupon of 6.85% and 7.05%.
($1 = 81.1400 Indian rupees)
 (Reporting by Bhakti Tambe and Dharamraj Dhutia
Editing by)
 ((Dharamraj.dhutia@tr.com))