India New Issue-Sun Pharma accepts bids for bond issues, bankers say
India New Issue-Sun Pharma accepts bids for bond issues, bankers say MUMBAI, Oct 22 (Reuters) - India's Sun Pharma SUN.NS has accepted bids worth an aggregate of 78.16 billion rupees ($824.04 million) for two tranches of bonds maturing in five years and one day, three merchant bankers said on Thursday.
The company will pay an annual coupon of 8.05% and 8.20% on the two tranches, respectively, tha bankers said. The 8.05% tranche has a put option, which lets investors demand repayment after 17 months, they added.
The company had invited bids from bankers and investors earlier in the day, and did not reply to a Reuters email seeking comment.
Here is the list of deals reported so far on October 22:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Sun Pharma | 5 year and 1 day | 8.05 | 20.03 | October 22 | AAA (Crisil, Icra) |
Sun Pharma | 5 year and 1 day | 8.20 | 58.13 | October 22 | AAA (Crisil, Icra) |
Sundaram Finance | 4 years | 8.53 (yield) | 10+2.50 | October 23 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 94.8500 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Jochelle Mendonca)
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