India New Issue-Ramco Cements to issue multiple-tenor bonds - bankers

Ramco Cements

23/03/2023 13:15

MUMBAI, March 23 (Reuters) - India's Ramco Cements Ltd
 TRCE.NS  is planning to raise up to 5 billion rupees ($60.81
million) through multiple maturity bonds, three merchant bankers
said on Thursday.
    The cement manufacturing company will pay a coupon of 7.90%
on three bond issuances and has invited bids from investors and
bankers on Tuesday, they said.
    Ramco is planning to raise 1.5 billion rupees each through
bonds maturing in four years, and four years and six months. It
also plans to raise 2 billion rupees through five-year bonds,
according to the bankers.
    Reuters reported earlier in the day that Ramco Cements is
likely to raise up to 5 billion rupees through multiple maturity
bonds, marking its return to the market after a year. 
    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 9 months at a 6.90% coupon.
    The bonds are rated AA+ by ICRA and the issue will be
settled later next week. 
($1 = 82.2300 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia;Editing by
Dhanya Ann Thoppil)
 ((bhakti.tambe@tr.com))