REC to issue multiple-tenor bonds to raise up to 10 billion rupees

REC plans to raise up to Rs 1,000 cr ($120.43 million), including a greenshoe of Rs 500 crore billion, through bonds maturing in over three years

India's REC plans to raise funds through two bonds, one maturing in three years and one month and the other in 10 years, three bankers said on Wednesday.
 

The state-run company has invited bids for both the issuances on Friday, they said.
 

REC plans to raise up to 10 billion rupees ($120.43 million), including a greenshoe of 5 billion rupees, through bonds maturing in over three years. It will also raise up to 30 billion rupees, including a greenshoe option of 25 billion rupees via 10-year bonds.

In December, REC raised 10.33 billion rupees through bonds maturing in two years at a coupon of 7.79 per cent.
 

 

Here is the list of deals reported so far on Jan. 10:

Issuer Tenure Coupon (in per cent) Issue size (in Bidding Rating bln rupees)* date REC 10 years To be decided 5+25 Jan. 10 AAA (Icra) REC 3 years and To be decided 5+5 Jan. 10 AAA (Icra) 1 month 10 years 7.65 22 Jan. 10 AAA (Crisil, Power Grid Corp Icra Ratings) of India Cholamandalam 3 years 8.40 0.5 Jan. 10 AA+ (Icra) Investment and Finance Co.