India New Issue-PFC accepts bids for over three-year bonds, bankers say

Power Finance

12/03/2024 06:54

MUMBAI, March 12 (Reuters) - India's Power Finance Corp  PWFC.NS  has accepted bids
worth 27.54 billion rupees ($332.81 million) for bonds maturing in three years and one month,
three bankers said on Tuesday.
    The state-run company has set a coupon of 7.55% on this bond issue, for which it had invited
bids earlier in the day.
    In February, the company had raised 60 billion rupees through the sale of bonds maturing in
five years and two months, and in 10 years at 7.60% and 7.49% coupons, respectively.
    
 
  Here is the list of deals reported so far on March 12: 
             Issuer                                                         
                     Tenure        Coupon (in %)  Issue size (in            Rating
                                                  bln rupees)*    Bidding   
                                                                  date      
                                                                            
                                                                            
 PFC                 3 years and   7.55           27.54           March 12  AAA (Crisil,
                     1 month                                                Icra)
             IREDA   5 years and   To be decided  3+7             March 14  AAA (ICRA,
                     2 months                                               India Ratings)
             M&M     3 years       To be decided  5+15            March 13  AAA (Crisil,
 Financial March                                                            India Ratings)
 2027 reissue                                                               
                                                                            
             NIIF    12 years      To be decided  2.5+3.5         March 13  AAA (ICRA,
 Infra Finance                                                              Careedge)
                                                                            
             DMI     3 years       9.80           4.64            March 11  AA (ICRA)
 Finance                                                                    
                                                                            
             Ramco   4 years and   7.80           1.50            March 11  AA+ (ICRA)
 Cements             6 months                                               
                                                                            
 Ramco Cements       4 years and   7.80           1.50            March 11  AA+ (ICRA)
                     9 months                                               
 Ramco Cements       5 years       7.80           2               March 11  AA+ (ICRA)
 
 * Size includes base plus greenshoe for some issues

   ($1 = 82.7510 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia)
 ((Bhakti.Tambe@thomsonreuters.com))