India New Issue-Ultratech Cement invites bids for its largest-ever rupee debt sale, bankers say
India New Issue-Ultratech Cement invites bids for its largest-ever rupee debt sale, bankers say MUMBAI, July 29 (Reuters) - India's UltraTech Cement ULTC.NS plans to raise an aggregate of 50 billion rupees ($522.36 million) through sale of multiple-tenor bonds, its largest-ever rupee bond sale, three merchant bankers said on Wednesday.
UltraTech Cement will raise 15 billion rupees each through 2-year and 6-month and 3-year and 6-month bonds at 7.22% and 7.23% coupons, respectively.
It will raise 20 billion rupees through 5-year papers at an annual coupon of 7.25%, and has invited commitment bids for all the tenors on Friday, the bankers added.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
UltraTech Cement | 2-year and 6-month | 7.22 | 15 | July 31 | AAA (Crisil, Care) |
UltraTech Cement | 3-year and 6-month | 7.23 | 15 | July 31 | AAA (Crisil, Care) |
UltraTech Cement | 5 years | 7.25 | 20 | July 31 | AAA (Crisil, Care) |
*Size includes base plus greenshoe for some issues
($1 = 95.7200 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Harikrishnan Nair)
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