Piramal Capital gives initial price guidance for maiden dollar bonds, bankers say

Piramal Enterprises

22/07/2024 06:12

MUMBAI, July 22 (Reuters) - India's Piramal Capital and
Housing Finance has provided an initial price guidance of 8.25%
for its debut issue of sustainability dollar bonds through which
it plans to raise up to $500 million, two bankers said on
Monday.
    The non-bank lender is looking to issue Regulation-S notes
maturing in three years and six months, and the coupon is likely
to be finalised this week, they said.
        The company, a wholly-owned subsidiary of non-banking
financial firm Piramal Enterprises  PIRA.NS , did not
immediately respond to Reuters' request for comment.
    Piramal Capital has appointed Barclays, Deutsche Bank and
Standard Chartered as joint global coordinators, and Axis Bank,
Citigroup and Emirates NBD Bank as joint bookrunners, the
bankers said.
    Proceeds from the issue will be used in line with the
Reserve Bank of India's external commercial borrowing guidelines
for onward lending and the issuer's sustainable finance
framework. 
    The bonds are expected to be rated Ba3 by Moody's and BB– by
S&P.     

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