India New Issue-MTNL to issue 10-year bonds - bankers

Mahanagar Telephone Nigam

22/08/2023 03:29

MUMBAI, Aug 22 (Reuters) - India's Mahanagar Telephone Nigam (MTNL)  MTNL.NS  plans to
raise at least 4 billion rupees ($48.14 million) through government-guaranteed bonds maturing in
10 years, three bankers said on Tuesday. 
    The state-run company has invited bids from bankers and investors on Wednesday, they said.
    On Friday, Reuters had reported the company's plans to raise up to 12 billion rupees though
a bond issue. 
    MTNL has received the sovereign guarantee to raise 66.1 billion rupees in the current
financial year. In July, it raised 24.80 billion rupees via government-guaranteed bonds at a
semi-annual coupon of 7.59%. 
    
 
 Here is the list of deals reported so far on Aug. 22: 
                                                                      
   Issuer   Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                         bln rupees)*    date         
                                                                      
 MTNL              10-yr  To be decided           4 + 8  Aug. 23      AAA (CE) (India
                                                                      Ratings, Care)
 
*Size includes base plus greenshoe for some issuances

    ($1 = 83.0950 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
 ((Dharamraj.dhutia@tr.com))