Steel Authority of India invites bids for bond sale

Steel Authority of India invites bids for bond sale
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First Published: Thu, Aug 13 2009. 12 52 PM IST
Updated: Thu, Aug 13 2009. 12 52 PM IST
Mumbai: Steel Authority of India has invited bids for at least Rs300 crore of bonds on Thursday, according to a termsheet seen by Reuters.
The company is looking to sell 15-year bonds, with a call option exercisable at the end of the twelfth year, and with an indicative coupon rate of 8.50-8.70%. Interest will be paid annually.
The bonds are rated ‘AAA´ by Fitch and CARE.
Bids for the issue, which has a unspecified greenshoe option, can be submitted by 1:00pm on Thursday with intimation of allocation at 6:00pm the same day and pay-in scheduled for August 18. Allotment is scheduled for 25 August.
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First Published: Thu, Aug 13 2009. 12 52 PM IST
More Topics: Sail | Bonds | Steel | Sale | Government |