MUMBAI: India’s REC Limited plans to raise at least 5 billion rupees ($61 million) through the sale of bonds maturing in three years, three months and 19 days, three merchant bankers said on Thursday.

The state-run company has invited bids from investors and bankers for the issue on Tuesday. Bidding will take place on the Bombay Stock Exchange’s electronic platform between 10:00 a.m. IST and 11:00 a.m. IST, they said.

The issue also has a greenshoe option to retain an additional subscription of up to 25 billion rupees. The bonds are rated AAA by Crisil, ICRA and India Ratings, and the issue will be settled on Wednesday.

This will be the first domestic bond issue by REC in the current financial year, which started on April 1. Last week, the company raised $750 million through its dollar-denominated green bonds maturing in five years at a coupon of 5.6950%.

In March, REC had issued bonds maturing in more than five years and over 10 years at 7.77% and 7.69%, respectively. The 10-year plus bonds have a put option at the end of more than three years.

($1 = 81.9240 Indian rupees)

• Published On Apr 7, 2023 at 02:26 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETEnergyworld App

• Get Realtime updates
• Save your favourite articles

Scan to download App