India New Issue-Spandana Sphoorty to issue 18-month bonds - traders

Spandana Sphoorty Financial

04/11/2022 06:11

MUMBAI, Nov 4 (Reuters) - India's Spandana Sphoorty
Financial  SPAD.NS  plans to raise 500 million rupees ($6.06
million) selling bonds maturing in 18 months, three merchant
bankers said on Friday. 
    The non-banking financial company will pay a coupon of
11.50% on this issue, and has invited commitment bids on Monday,
they said.
    The notes are rated A by India Ratings and the issue will
close for subscription on Wednesday. 
    The issue has a put option at end of one year and will
mature in May 2024. 
    In October, the company had raised 600 million rupees
selling bonds maturing in two years at an annual coupon of
12.00% on this issue. 
($1 = 82.5575 Indian rupees)
 (Reporting by Dharamraj Dhutia; editing by Uttaresh.V)
 ((Dharamrajlalit.dhutia@tr.com))