Mumbai: Aegis, the IT services arm of diversified Indian conglomerate Essar Group, plans to raise upto $250 million through a five-year bond issuance aimed at refinancing part of its debt, two sources with direct knowledge of the matter said on Thursday.
The firm has mandated Standard Chartered Plc , UBS AG and Deutsche Bank for the Reg S/144a US dollar bond issuance, for which roadshows commenced in Singapore on Thursday, the sources told Reuters.
The deal will be marketed in Hong Kong on Friday, before moving on to London on Monday, New York on Tuesday, Boston on Wednesday and conclude in Los Angeles on 16 June.
The books could be opened for the issuance as early as late next week, the sources said, but did not divulge any indicative price talk on the deal at this stage.
An Essar spokesman declined to comment.
The firm had completed a non-deal roadshow a couple of weeks earlier, IFR has reported earlier in the day.
Aegis has bought 18 companies in the past and has grown mainly through acquisitions.
The parent of Aegis, Essar group, is controlled by Indian billionaire brothers Shashi and Ravi Ruia, who also run London-listed Essar Energy and has interests in steel, ports and logistics and telecommunications.
In March, Vodafone said it will buy out Essar’s 33% stake in the joint venture Vodafone Essar for $5 billion and both the sides have said they expect to close the deal by November.