 "Bonds")
Several companies on Friday announced that they would raise funds using bonds and commercial papers. This includes companies like Muthoot Finance, IIFL Finance, and Axis Finance, as well as banks like Canara Bank.
NTPC
NTPC is planning to raise funds by selling commercial papers maturing in three months, a report by Reuters said. The state-run power company will offer a yield of 7.13 per cent on the issue and has received commitments worth around Rs 2,000 crore ($244.5 million) so far. The notes are rated A1+ by CRISIL.
Godrej Consumer Products
Godrej Consumer Products Ltd will raise funds by issuing commercial papers maturing in three months. The company will offer a yield of 7.14 per cent on the issue and has received commitments worth Rs 50 crore ($6.11 million) so far. The notes are rated A+ by Crisil.
Also Read
Canara Bank
Canara Bank is planning to raise funds through the sale of certificates of deposit maturing in three months. The state-run lender will offer a yield of 7.10 per cent on the issue, for which it has received commitments worth Rs 500 crore ($61.17 million) so far. The notes are rated A1+ by Crisil and have a value date of May 4.
Magnite Developers
Magnite Developers Pvt Ltd has accepted bids worth Rs 400 crore (about $49 million) through bonds maturing in three years, 11 months and three days. The company will pay a coupon of 10 per cent on this bond issue, for which it had invited bids on Thursday.
The notes are provisionally rated BB- by Infomerics and carry a put option on March 31, 2026. The bonds will mature on March 31, 2027.
Ecap Equities
Ecap Equities has accepted bids worth Rs 51.55 crore ($6.3 million) for the reissue of two zero-coupon bonds, one maturing in April 2026 and the other in February 2027. The company has accepted bids worth Rs 25.8 crore on the reissue of the April 2026 bond at a yield of 11.91 per cent and Rs 25.75 crore on February 2027 reissue at a yield of 11.96 per cent.
It had invited bids for the reissue on Thursday. The bonds are rated AA by CRISIL. The issue will be settled later in the day.
Shriram Finance
Shriram Finance raises Rs 250 crore ($30.60 million) for bonds maturing in five years. The non-banking finance company will pay a semi-annual coupon of 8.55 per cent. The bonds are rated AA+ by Crisil.
On Thursday, the company raised Rs 250 crore via another five-year bond issue and will pay an annual coupon of 8.75 per cent to the investors.
Muthoot Finance
Muthoot Finance plans to raise at least Rs 250 crore ($30.60 million) selling bonds maturing in three years and three months, three merchant bankers said on Friday. The company will pay an annual coupon of 8.43 per cent on the bond issue, for which it has invited bids from investors and bankers on Tuesday.
The bonds are rated AA+ by Crisil and will mature on July 31, 2026. The issue has a greenshoe option to retain an additional Rs 350 crore and will be settled next week.
Earlier this month, the company raised Rs 750 crore through bonds maturing in five years at an annual coupon of 8.50 per cent.
IIFL Finance
IIFL Finance is planning to raise at least Rs 30 crore ($3.67 million) through the sale of bonds maturing in 10 years. The company will pay a coupon of 9.20 per cent on this issue, for which it has invited bids from bankers and investors on Tuesday.
The notes are rated AA by CRISIL, and the issue will be settled next week.
The issue has a greenshoe option to retain an additional Rs 135 crore.
Earlier this month, the company raised Rs 125 crore, selling bonds maturing in more than one year at an 8.50 per cent coupon.
Axis Finance
Axis Finance plans to raise at least Rs 100 crore ($12.24 million) through the sale of bonds maturing in three years and three months. The non-banking finance company will pay an annual coupon of 7.99 per cent on the issue, for which it has invited bids on Tuesday.
The bonds are rated AAA by Crisil, and the issue will be settled next week. The issue has a greenshoe option to retain an additional Rs 300 crore, which will mature in August 2026.
In March, the company had raised Rs 385 crore, selling bonds maturing in three years and two months at an annual coupon of 8.35 per cent.
(With agency inputs)
