Srei Infrastructure launches Rs 250-cr NCD issue

Srei Infrastructure Finance today launched a Rs 250-crore domestic bond issue as part of its Rs 1,500-crore issuance later.
The bonds with tenure of two years will offer an annual coupon of 10.75 per cent to institutional and non- institutional investors, while retail investors will get 11.25 per cent, the infra financier said here.
The bonds maturing in three years will offer an annual coupon of 11 per cent to institutional and non-institutional investors and 11.50 per cent to retail investors. The 5-year bonds will yield 11.25 per cent to institutional and non- institutional investors and 11.75 per cent to retail ones.

The company is offering a monthly coupon payment options for bonds maturing in 3 and 5 years.
It said 75 per cent of the net proceeds will be used for lending or repayment of loan and the balance will be utilised for general corporate purposes. The bonds, which opened for subscription today, will close on October 31.
The bonds, rated 'AA-' by Care and 'AA' by Brickwork, are lead managed by ICICI Securities, AK Capital, Edelweiss Financial Services, SPA Capital Advisors and Srei Capital Markets.