India New Issue-MTNL to issue government-guaranteed bonds - bankers

Mahanagar Telephone Nigam

01/03/2024 10:41

MUMBAI, March 1 (Reuters) - India's Mahanagar Telephone Nigam Ltd (MTNL)  MTNL.NS  plans
to raise up to 5.56 billion rupees  ($67.10 million), which includes a greenshoe option of 3.56
billion rupees, through a sale of government-guaranteed bonds maturing in 10 years, three
bankers said on Friday.
    The state-run company has invited bids from bankers and investors for the issue on Tuesday,
they said.
    In November, MTNL had raised 25.70 billion rupees via 10-year bonds at a semi-annual coupon
of 7.80%. 
    
  Here is the list of deals reported so far on Mar. 1:
                                                                       
 Issuer         Tenure        Coupon (in %)  Issue size (in            Rating
                                             bln rupees)*    Bidding   
                                                             date      
                                                                       
                                                                       
 MTNL           10 years      To be decided  2+ 3.56         Mar. 5    AAA (Careedge,
                                                                       India Ratings)
                5 years       7.90           1               Mar. 1    AA+ (India
 Vadodara                                                              Ratings)
 Municipal                                                             
 Corp                                                                  
                                                                       
 ICICI Home     3 years       8.10           3+1             Mar. 5    AAA (Crisil)
 Finance                                                               
 Shriram        3 years and   To be decided  2.5+7.5         Mar. 4    AA+ (Crisil,
 Finance        13 days                                                India Ratings)
                5 years       8.60           5+5             Mar. 4    AA+ (Icra)
 Cholamandalam                                                         
 Investment                                                            
                                                                       
                 4 years and           9.25            5.75  Feb. 29   AA (Icra)
 Bahadur Chand      6 months                                           
 Investments                                                           
                                                                       
 
*Size includes base plus greenshoe for some issues


($1 = 82.8650 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Sonia Cheema)
 ((Bhakti.Tambe@thomsonreuters.com))