India’s Udaipur Cement Works has accepted bids worth 3.50 billion Indian rupees ($42.53 million) for bonds maturing in two years, four months and 16 days, two merchant bankers said on Thursday.
The company will pay an annual coupon, which would be a spread of 172 basis points above three-month Mumbai Interbank Offered Rate, the traders said.
The company had invited commitment bids earlier in the day and the issue has a put/call option at end of one year and four months.
The notes are rated AA+ by CARE Ratings and the issue will close for subscription on Friday.
