India New Issue-Ramco Cements accepts bids for multiple-tenor bonds - bankers

Ramco Cements

28/03/2023 11:35

MUMBAI, March 28 (Reuters) - India's Ramco Cements  TRCE.NS  has
accepted bids worth 5 billion rupees ($60.86 million) for its multiple maturity
bonds, three merchant bankers said on Tuesday.
    The cement manufacturing company will pay a coupon of 7.90% on three bond
issuances for which it had invited bids from investors and bankers earlier in
the day. 
    Ramco has raised 1.5 billion rupees each through bonds maturing in four
years, and four years and six months. It has also raised 2 billion rupees
through five-year bonds, according to the bankers.
    Ramco last tapped the bond market in March 2022, when it raised 1.5 billion
rupees via five-year bonds at a coupon of 6.90% and 1.5 billion rupees through
bonds maturing in four years and nine months at a 6.90% coupon.
    The bonds are rated AA+ by ICRA and the issue will be settled later this
week.

($1 = 82.1610 Indian rupees)

 (Reporting by Bhakti Tambe; Editing by Shailesh Kuber)
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