BackRural Electrification Corp to raise Rs500 crore via bonds
Rural Electrification Corp to raise Rs500 crore via bonds
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Reuters
Mumbai: India’s state-run Rural Electrification Corp plans to raise at least Rs500 crore through a bond issue, which opened on yesterday (11 September) one of the merchant bankers to the issue said.
The 10-year bonds offer a coupon of 9.85%, payable annually, the source said.
The issue, with an unspecified greenshoe option, closes on 17 September, the source said. The issue is rated “AAA" by Crisil, Fitch Ratings and ICRA. The bonds will be listed on the National Stock Exchange.
The arrangers to the issue are ICICI Securities, Axis Bank, Darashaw & Co., Standard Chartered, Centrum Finance, IDBI Capital Services, Citigroup, A.K. Capital, Canara Bank, SPA, R.R. Financial and Almondz Capital.
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