India New Issue-REC accepts bids for multiple tenor bonds, bankers say
India New Issue-REC accepts bids for multiple tenor bonds, bankers say MUMBAI, Aug 7 (Reuters) - India's REC RECM.NS has accepted bids worth 63.46 billion rupees ($666.19 million) for bonds maturing in three years and 20 days and in 15 years and 20 days, three bankers said on Friday.
The state-run company has accepted bids worth 30 billion rupees on the shorter duration papers and 33.46 billion rupees on the longer duration bonds and will pay an annual coupon of 7.28% and 7.49% respectively.
REC had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
REC confirmed the developments over an email.
Here is the list of deals reported so far on August 7:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
REC | 3 years and 20 days | 7.28 | 30 | August 7 | AAA (Crisil, India Ratings) |
REC | 15 years and 20 days | 7.49 | 33.46 | August 7 | AAA (Crisil, India Ratings) |
SK Finance | 3 years | 9.10 | 5 | August 11 | AA- (India Ratings) |
Lloyds Metals | 10 years | 9.02 | 7 | August 6 | AA (Crisil, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 95.2575 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra)
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