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

Mahanagar Telephone Nigam

07/02/2023 09:47

MUMBAI, Feb 7 (Reuters) - India's Mahanagar Telecom
Nigam Ltd  MTNL.NS  (MTNL) plans to raise at least 5 billion
rupees ($60.5 million) through the sale of government-guaranteed
bonds maturing in 10 years, three merchant bankers said on
Tuesday.
    The state-run company has invited coupon and commitment bids
from bankers and investors from 10:30 a.m. IST to 11:30 a.m. IST
on Thursday on the Bombay Stock Exchange's electronic bidding
platform, they said.
    The issue also has a greenshoe option to retain an
additional 15.42 billion rupees for which MTNL will pay a
semi-annual coupon.
    The notes are rated AAA (CE) by India Ratings and CARE
Ratings and the issue will close for subscription on Friday.
    This will be the last trache of bond issuance by MTNL in the
current financial year.
    It raised 27.58 billion rupees and 61.10 billion rupees in
two offerings last November, at semi-annual coupons of 7.87% and
8.00%, respectively.
 
 ($1 = 82.6800 Indian rupees)
 (Reporting by Bhakti Tambe and Dharamraj Dhutia)
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