India's Credila Financial Services (Crisil rating: AA+) is planning to raise 10 billion rupees (approximately $110.7 million) through a dual-tranche bond sale, according to three bankers on Thursday.
The company is issuing bonds across two maturities:
- Tranche 1: 18-month bonds, with a base issue of ₹1.5 billion and a greenshoe option of ₹3.5 billion (total up to ₹5 billion).
- Tranche 2: 2-year, 3-month bonds, with a base issue of ₹2.5 billion and a greenshoe option of ₹2.5 billion (total up to ₹5 billion).
The coupon rates are to be determined via a bidding process. Credila has invited coupon and commitment bids from bankers and investors, with bidding scheduled for Friday, December 12.
The company did not immediately respond to a request for comment from Reuters.
Other Deals on December 11:
The report also noted another issuance scheduled for the same bidding date:
- Manappuram Finance Ltd. (Rating: AA) plans to raise up to ₹5 billion via 2-year bonds with an 8% coupon. The issue comprises a ₹2 billion base with a ₹3 billion greenshoe option.
(Exchange Rate: $1 = 90.3560 Indian Rupees)