Power Fin sells bonds worth Rs1,500 cr

Power Fin sells bonds worth Rs1,500 cr

Mumbai: Power Finance Corp. Ltd, the state-owned lender to power projects, sold Rs14.7 billion of 8.95% bonds, according to two people familiar with the matter. The bonds were sold in five-, 10- and 15-year strips by a group of 18 underwriters, the people said, asking that they not be named as the details are private.

— Bloomberg

Axis Bank sells $350 mn of 5.5-year 5.25% bonds

Mumbai: Axis Bank Ltd on Friday priced its $350 million bond issue at 275 basis point over the five-year US treasury paper. The five-and-a-half year bond issue is part of the bank’s existing €2 billion medium-term note programme.

“The proceeds of the bond issue will be used to meet the funding needs of the bank’s three overseas branches and also for Indian purpose,’’ said an Axis Bank official, who did not want to be named as he is not the official spokesperson.

Though the original deal size was $300 million, the transaction was hiked to $350 million to accommodate additional investor demand, the bank said. The deal received $1.4 billion in orders, with Asian investors taking 70% of the issue and Europe accounting for the rest.

— Anita Bhoir and Reuters

Currency futures set to return to BSE

Mumbai: The Bombay Stock Exchange (BSE) is set to commence trading in currency derivatives again, a senior official at the exchange said on Friday. He declined to be named because a public announcement is yet to be made.

BSE will use the United Stock Exchange, which on Friday received approval from capital markets regulator Securities and Exchange Board of India to start operations. This will be the second attempt by BSE to break into the currency derivatives segment.

It had earlier stopped trading in the segment after volumes dried up following its first launch in October 2008.

— N. Sundaresha Subramanian

GSPC to sell 448 million shares in IPO

Mumbai: Gujarat State Petroleum Corp. Ltd (GSPC) plans to sell 448 million shares in an initial public offering (IPO), according to a share sale document filed with the capital markets regulator.

— Bloomberg

Nacil raises Rs700 crore selling 9.13% bonds

Mumbai: National Aviation Co. of India Ltd, the owner of national carrier Air India, has raised Rs700 crore by selling 10-year, 9.13% bonds.

— Bloomberg