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Cholamandalam Investment accepts bids for 18-month bonds - traders

Reuters
·1-min read

MUMBAI (Reuters) - India's Cholamandalam Investment & Finance Company Ltd has accepted bids worth 3.20 billion rupees ($40.09 million) for bonds maturing in 18 months, three merchant bankers said on Friday.

The non-banking financial company will pay a coupon of 7.3075% on this issue and had invited commitment bids from bankers and investors earlier in the day, the bankers said.

The notes are rated 'AA+' by ICRA and India Ratings and the issue will close for subscription on Aug. 29.

The issue will mature on Feb. 27, 2024. Earlier this month, the company raised 10 billion rupees through re-issuance of 7.38% July 2024 bonds at a yield of 7.65%.

($1 = 79.8260 Indian rupees)

(Reporting by Dharamraj Lalit Dhutia)