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IRFC to issue over 3-year bonds

The state-run company has invited coupon and commitment bids from bankers and investors on Wednesday, they said.

 Indian Railway Finance Corp Ltd (IRFC) plans to raise at least 5 billion rupees ($61.1 million) through sale of bonds maturing in three years, fours months and 19 days, three merchant bankers said on Monday.

The state-run company has invited coupon and commitment bids from bankers and investors on Wednesday, they said.

The bonds are rated AAA by Crisil, ICRA and Care Ratings, and the issue will be settled on Friday.

The issue has a greenshoe option to retain an additional 20 billion rupees and will mature in October 2026.

In March, IRFC raised 18.25 billion rupees via over three-year bonds at 7.51% coupon and 28.25 billion rupees via over 15 year bonds at 7.74% coupon.

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