MUMBAI: Indian Renewable Energy Development Agency Ltd (IREDA) plans to raise another roughly 10 billion rupees ($120 million) shortly by selling 10-year bonds, three merchant bankers said on Wednesday.
“IREDA has the approval ready and we may not be surprised if it comes this week as well, or else they may hit in the first week of January,” one of the bankers said.
The notes are rated AAA by ICRA and India Ratings and come at a time when longer-duration papers have seen healthy demand from investors.
IREDA has yet to officially announce the issue and did not respond to a Reuters email seeking comment.
Earlier this month, IREDA had raised 10 billion rupees, via 10-year bonds at a 7.68% coupon, even though it had received bids worth around 31.70 billion rupees and had a greenshoe option for an additional 10 billion rupees.
“We were surprised that IREDA did not borrow 20 billion rupees in the previous issue as they are in need of funds,” another banker said.
The company has raised 36.83 billion rupees via bond issuances so far this fiscal year.
