India’s Kerala Infrastructure Investment Fund Board (KIIFB) is likely to raise funds through issuance of a longer duration bond by December, two merchant bankers said on Thursday.The company could either opt for a 10-year bond separately transferable redeemable principal part (STRPP) green bonds, and look to raise around 15 billion rupees ($180.28 million), one of the bankers said.
The bonds are rated AA(CE) by India Ratings and the bonds are guaranteed by the government of Kerala.The did not immediately reply to a Reuters email seeking comment.In July, the company had raised three billion rupees through sale of separately transferable redeemable principal part (STRPP) green bonds maturing in four years to 10 years at a coupon of 8.49%, payable on a quarterly basis. (Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)