MUMBAI, August 3 (Reuters) – India’s Tata Capital Housing Finance plans to raise funds through the sale of a two-part bond issue, three merchant bankers said.
The housing finance company plans to raise at least 500 million rupees ($6.35 million) through three-year bonds and will pay an annual coupon of 7.55% on this issue, which will have a hold option An additional Rs 2.42 billion.
Tata Capital Housing Finance also plans to raise at least Rs 500 crore through the sale of five-year bonds and will pay an annual coupon of 7.80% in this issue, which will have an option to retain an additional Rs 1.5 billion.
The company has invited commitment offers for the bond issue on Thursday.
The bonds are rated AAA by ICRA and the issue will close for subscription on Friday.
($1 = 78.7400 Indian Rupees)
(Reporting by Dharamraj Lalit Dhutia Editing by Vidya Ranganathan)
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