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

Mahanagar Telephone Nigam

28/11/2022 02:49

MUMBAI, Nov 28 (Reuters) - India's Mahanagar Telephone
Nigam Ltd  MTNL.NS  plans to raise at least 5 billion Indian
rupees ($61.2 million) through the sale of government-guaranteed
bonds maturing in 10 years, three merchant bankers said on
Monday.
    The state-run company has invited coupon and commitment bids
from bankers and investors from 10:30 a.m. to noon IST on
Wednesday and the bidding will take place on the BSE's
electronic platform, they said.
    The notes are rated AAA (CE) by India Ratings and CARE
Ratings.
    The issue will have a greenshoe option to retain an
additional 25 billion rupees for which MTNL will pay a
semi-annual coupon.
    Earlier this month, MTNL raised 61.10 billion rupees through
government-guaranteed bonds maturing in 10 years at a
semi-annual coupon of 8.00%, in what was its first issuance in
over two years.
 
 ($1 = 81.6850 Indian rupees)
 (Reporting by Bhakti Tambe; Editing by Savio D'Souza)
 ((Bhakti.tambe@tr.com))