India New Issue-REC to issue multiple tenor bonds, bankers say
India New Issue-REC to issue multiple tenor bonds, bankers say MUMBAI, Aug 24 (Reuters) - India's REC RECM.NS plans to raise 60 billion rupees ($626.66 million), which includes a greenshoe option of 50 billion rupees through the sale of bonds maturing in two year and two months and in 10 year and two months, three bankers said on Monday.
The state-run company has invited coupon and commitment bids for the issues on Thursday, they said.
The company did not reply to an email seeking comment.
Here is the list of deals reported so far on August 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
REC | 2 year and 2 months | To be decided | 5+25 | August 27 | AAA (Care, Icra, Crisil) |
REC | 10 year and 2 months | To be decided | 5+25 | August 27 | AAA (Care, Icra, Crisil) |
PFC | 15 years | 7.55 | 25 | August 24 | AAA (Care, Icra, Crisil) |
Bajaj Finance | 10 years | To be decided | 20+40 | August 25 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 95.7450 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
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