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Informist, Friday, Sept. 11, 2026

--Edelweiss Financial Services to raise up to INR 3 bln via NCDs 
 

NEW DELHI – Edelweiss Financial Services Ltd. plans to raise up to INR 3 billion through a public issue of secured, redeemable non-convertible debentures, the company said in an exchange filing. The offering comprises a base issue size of INR 1.50 billion and a greenshoe option to retain oversubscription of up to an additional INR 1.50 billion. The issue is scheduled to open for public subscription on Sept. 21 and close on Oct. 5.

The NCD issue features 10 series options with fixed coupon rates ranging from 8.65% to 10.00% per annum across tenors of 24, 36, 60, and 120 months. For the June quarter, the company reported an 83% on-year jump in its consolidated net profit at INR 1.22 billion on revenue of INR 23.29 billion. At 1115 IST, shares of the company were trading at INR 134.79 apiece on the National Stock Exchange, down 1.4% from Thursday's close.  (Radhika Tiwari)

THIS WEEK

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AAVAS FINANCIERS

Aavas Financiers Ltd. Thursday raised INR 1 billion through the issuance of five-year floating rate bonds maturing on Sept. 11, 2031, dealers said. The coupon on the bonds has been fixed at 220 basis points above the three-month Mumbai Interbank Outright Rate, payable quarterly. The bonds were rated 'AA' by CARE Ratings and will be allotted Friday. For the June quarter, the home loan company posted a net profit of INR 1.71 billion and revenues of INR 7.09 billion.

CANARA BANK

Canara Bank will tap the corporate bond market on Wednesday to raise up to INR 45 billion through the issuance of Basel III-compliant perpetual, additional tier-I bonds, a source aware of the development said. Bidding for the bonds will take place on the National Stock Exchange's electronic platform between 1200 IST and 1300 IST Wednesday. 

The issue has a base size of INR 20 billion and a greenshoe option of INR 25 billion. The coupon on the bond will be decided at the time of the bidding. A source in the bank told Informist that the lender expects the coupon to be around 7.85%. The issue has a call option exercisable after five years. The bonds are rated 'AA+' by India Ratings and Research, and will be allotted on Sept. 18.

A perpetual bond is a debt instrument that has no maturity date. The issuer pays out interest on the bond value at a fixed rate, and the bonds are non-redeemable. In July, State Bank of India had raised INR 46.91 billion through perpetual bonds at a coupon of 7.75%. 

In June, Canara Bank's board approved raising INR 45 billion through Basel III-compliant additional tier-I bonds and INR 40 billion through Basel III-compliant tier-II bonds in 2026-27 (Apr-Mar). For the June quarter, Canara Bank reported a net profit of INR 48.56 billion on total income of INR 396.84 billion.

SUNDARAM HOME FINANCE

Sundaram Home Finance Ltd. Thursday raised INR 5.10 billion through five-year bonds maturing on Sept. 11, 2031, dealers said. The issue was fully susbcribed. 

The coupon on the bond was fixed at 8.09%, payable annually. The bonds are rated 'AAA' by ICRA Ltd. and will be allotted Friday. The issue had received anchor investment of INR 1.5 billion from Bajaj Life Insurance Ltd. and INR 30 million from India Motor Parts and Accessories Ltd. Sundaram Home Finance is a wholly-owned subsidiary of Sundaram Finance Ltd.

HELLA INFRA MARKET RETAIL

Hella Infra Market Retail Pvt. Ltd. plans to raise up to INR 1.25 billion by issuing two-year bonds maturing on Sept. 16, 2028, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1100 IST and 1530 IST Tuesday.

The bond issue has a base size of INR 500 million and a green shoe option of INR 750 million. The bond coupon is fixed at 11%, payable monthly. The bonds, rated 'A-' by Acuite Ratings & Research, will be allotted Wednesday. 

POONAWALLA FINCORP

The board of Poonawalla Fincorp Ltd. Thursday approved the issuance of non-convertible debentures aggregating to INR 20 billion on a private placement basis, the company informed exchanges. 

For the June quarter, Poonawalla Fincorp had reported a consolidated net profit of INR 3.08 billion on revenues of INR 23.30 billion. 

OXYZO FINANCIAL SERVICES

Oxyzo Financial Services Pvt. Ltd. plans to raise INR 2 billion by issuing two bonds of different maturities, and has invited bids Friday, dealers said. The company plans to raise INR 1 bln through Oct. 15, 2029, bonds at a fixed coupon of 9.90%, and the remaining INR 1 bln via Oct. 15, 2028, bonds at a fixed coupon of 9.70%. the coupon on both bonds will be paid quarterly. 

Bidding for the bonds will take place on BSE's electronic bidding platform. The bonds, rated "A+" by ICRA Ratings, will be allotted Tuesday. Oxyzo Financial Services is a non-banking financial company that caters to small and medium-sized enterprises and emerging manufacturing corporations. 

NOMURA CAPITAL (INDIA)

Nomura Capital (India) Pvt. Ltd. plans to raise INR 1 billion through the issuance of bonds maturing on Oct. 29, 2027, and has invited bids for the same Friday, dealers said. Bidding for the bonds will take place on the National Stock Exchange'e electronic bidding platform between 1100 IST and 1200 IST.

The coupon on the bonds is fixed at 8.02% and the first coupon will be paid after the 44 days of deemed date of allotment and thereafter annually. Bonds are rated 'AAA' by India Ratings and Research. The issue has received an anchor investment of INR 300 million from Kotak Mahindra Mutual Fund.

HERO FINCORP

Hero Fincorp Ltd. plans to raise up to INR 5 billion through the issuance of two-year floating rate bonds maturing on Sept. 15, 2028, and has invited bids for the same Friday, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic bidding platform.

The issue has a base size of INR 1 billion and a greenshoe option of INR 4 billion. The coupon on the bonds is fixed at 330 basis points above the three-month Treasury bill and will be paid annually. The bonds are rated 'AA+' by Crisil Ratings and will be allotted on Tuesday.

360 ONE PRIME

360 ONE Prime Ltd. raised INR 1.05 billion through the reissue of bonds maturing on Jun. 19, 2029, dealers said. The issue had a base size of INR 500 million and a greenshoe option of INR 2 billion. The company had planned to raise up to INR 2.50 billion.

The bond is rated "AA" by ICRA. The coupon on the bond will be payable annually. The bonds will be allotted Thursday.

GABRIEL INDIA

Gabriel India Ltd. raised INR 10 billion through three-year bonds maturing on Sept. 10, 2029, dealers said. The issuance was fully subscribed.

The bonds, rated "AA+" by Crisil Ratings, will be allotted Thursday. They carry a fixed coupon of 8.15%, which will be paid on an annual basis. Citigroup Global Markets India Pvt. Ltd. and HSBC were the arrangers of the issuance. 

The issuance had received anchor investment of INR 1.5 billion from ICICI Prudential Corporate Bond Fund, INR 600 million from Nippon India Mutual Fund, INR 750 million from ICICI Prudential Life Insurance Co. Ltd., and INR 150 million from Reliance General Insurance Co. Ltd.

SHANGRILA INFRACON INDIA

Shangrila Infracon India Pvt. Ltd., a real estate development company, raised INR 11 billion through the issuance of three-year bonds maturing on Sept. 10, 2029, dealers said. 

The coupon on the bonds was fixed at 9.25%, payable annually. The bonds are rated "BBB-" by CARE Ratings and will be allotted Thursday. Barclays Bank PLC. was the sole arranger of the issuance. The bonds have call and put options exercisable on Mar. 10, 2028, and quarterly thereafter.

REC

State-owned REC Ltd. plans to raise up to INR 70 billion through the issuance of two bonds of different maturities and has invited bids for them Friday, dealers said. The coupon on both bonds will be payable annually. Bidding for the bonds will take place on BSE's electronic bidding platform.

The power-sector financier plans to raise up to INR 40 billion through the issuance of a bond maturing on Sept. 30, 2036. The issue has a base size of INR 8 billion and a greenshoe option of INR 32 billion. Bidding for this bond will take place from 1030 IST to 1130 IST.

REC also plans to raise up to INR 30 billion through the issuance of a bond maturing on Sept. 30, 2031. This issuance has a base size of INR 5 billion and a greenshoe option of INR 25 billion. The bidding for this bond will take place between 1130 IST and 1230 IST.

Both bonds are rated "AAA" by ICRA Ratings. Both will be allotted Tuesday. For the June quarter, REC had reported a net profit of INR 41.49 billion and revenue of INR 142.96 billion. Wednesday, its shares closed at INR 314.50 apiece on the National Stock Exchange, down over 1% from Tuesday.

Monday, the state-owned power financier had raised INR 5 billion through India's first tokenised bond at 7.30%. The coupon on the bond was in line with expectations, market participants said.

LARSEN & TOUBRO

Larsen & Toubro Ltd. Wednesday raised INR 5 billion through the issuance of three-year tokenised bonds maturing on Sept. 9, 2029, dealers said. The bonds were fully subscribed. 

The bonds carry a fixed coupon of 7.40%, payable annually. SBI Capital Markets Ltd., YES Bank, Axis Bank, and Trust Investment Advisors Pvt. Ltd. were the arrangers of the issuance. Crisil Ratings has assigned 'AAA' ratings to the bonds.

The bond had received an anchor investment of INR 450 million from YES Bank. Monday, state-owned REC Ltd. issued India's first tokenised bond to raise INR 5 billion at 7.30%. Tokenised bonds are debt securities whose ownership, issuance, trading and settlement are recorded digitally on a blockchain or distributed ledger. The technology can allow transactions to be completed almost instantly, faster than the traditional process of recording and settling bond transactions.

For the June quarter, L&T had reported a consolidated net profit of INR 41.23 billion on revenue of INR 679.42 billion. 

VIVRITI CAPITAL

Vivriti Capital Ltd. plans to raise INR 1.5 billion through two bonds with different maturities, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1100 IST and 1530 IST Thursday.

The company plans to raise INR 500 million through bonds maturing on Mar. 10, 2028, at a fixed coupon of 9.35%, while the remaining INR 1 billion it plans to raise via bonds maturing on Sept. 8, 2028, at a coupon of 9.5%. Both the bonds are rated "A+" by Crisil Ratings, and will be allotted Friday. The coupon on both bonds is payable monthly. 

SAMMAAN CAPITAL

Sammaan Capital Ltd. plans to raise up to INR 10 billion through two bonds with different maturities, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1400 IST and 1600 IST Thursday.

Both the bonds--a three-year and a five-year paper--have a base size and a green shoe option of INR 2.5 billion each. The three-year bond has a fixed coupon of 9.05%, while the five-year bond carries a fixed coupon of 9.10%. The coupon on both the bonds is payable annually. Both the bonds are rated "AA+" by Crisil Ratings, and both of them will be allotted Friday.

For the June quarter, Sammaan Capital had reported consolidated net profit of INR 2.43 billion on revenues of INR 16.52 billion. 

SHRIRAM FINANCE

Shriram Finance Ltd. Tuesday raised INR 22.20 billion through the reissue of its 7.80%, September 2029 bond, dealers said. The company had planned to raise up to INR 30 billion through the reissue.

The issue had a base size of INR 10 billion and a greenshoe option of INR 20 billion. The coupon on the bonds is payable annually. The bonds, rated "AAA" by ICRA Ltd., will be allotted Wednesday. Axis Bank Ltd. was the sole arranger of the issuance.

For the June quarter, Shriram Finance had reported a net profit of INR 34.45 billion on revenues of INR 133.94 billion. 

PIRAMAL FINANCE

The board of Piramal Finance Ltd. Tuesday approved the issuance of non-convertible debentures aggregating to INR 20 billion on a private placement basis. The three-year 45-day bond will be allotted on Sept. 21 and will mature on Nov. 5, 2029, the company informed the exchanges.

The coupon on the bond is fixed at 8.57%, payable annually and on the date of redemption. For the June quarter, Piramal Finance had reported a consolidated net profit of INR 4.59 billion on revenues of INR 33.68 billion.

HDB FINANCIAL SERVICES

HDB Financial Services Ltd. Tuesday raised INR 20 billion through the reissue of a bond maturing in August 2029, dealers said. The issuance was fully subscribed. 

The issue had a base size and a greenshoe option of INR 10 billion each. The coupon on the bond is payable annually. Axis Bank Ltd. was the sole arranger of the issuance. The issue had received anchor investment of INR 1.5 billion from International Finance Corp.

The bond, rated "AAA" by Crisil Ratings, will be allotted Wednesday. For the June quarter, HDB Financial had reported a net profit of INR 7.85 billion on revenues of INR 49.38 billion.

ADITYA BIRLA CAPITAL

Aditya Birla Capital Ltd. Tuesday raised a total of INR 23.35 billion through the reissuance of four bonds with different maturities, dealers said. The company had planned to raise up to INR 45 billion through the reissues.

The financial services company raised INR 11.10 billion through the reissue of the September 2029 bond and INR 3.25 billion through the reissue of the August 2031 bond. It raised INR 4.50 billion each through the reissue of the May 2029 and June 2031 bonds.

All four bonds are rated "AAA" by Crisil Ratings and will be allotted Wednesday. For the June quarter, Aditya Birla Capital had reported a consolidated net profit of INR 11.75 billion on revenues of INR 121.80 billion.

IIFL FINANCE

IIFL Finance Ltd. raised INR 1 billion through seven-year bonds maturing on Sept. 8, 2033, dealers said. The issue had a base size of INR 1 billion and a greenshoe option of INR 500 million, and it planned to raise up to INR 1.5 billion.

The bonds were rated "AA" by Crisil Ratings. The bonds carried a coupon of 9.35%, payable annually. For the June quarter, IIFL Finance had reported a consolidated net profit of INR 6.75 billion on revenues of INR 39.19 billion. 

VERTIS INFRA

Vertis Infrastructure Trust plans to raise INR 14.25 billion through the issuance of six-year bonds maturing on Sept. 10, 2032, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1100 IST and 1200 IST Wednesday.

The coupon on the bonds is fixed at 7.63%, payable quarterly. The bonds are rated "AAA" by Crisil Ratings and will be allotted Thursday. India Infrastructure Finance Co. Ltd. is the sole anchor investor and made an investment of INR 4.28 billion.

L&T

Larsen & Toubro Ltd. will be the second issuer of tokenised bonds in India as it plans to raise INR 5 billion through the new instrument Wednesday, dealers said. The three-year bonds will mature Sept. 9, 2029, and carry a fixed coupon of 7.40%, payable annually. 

Bidding will take place on the National Stock Exchange from 0900 IST to 1000 IST, with allotment the same day. The bonds are rated "AAA" by domestic rating agencies. 

Tokenised bonds are debt securities whose ownership, issuance, trading and settlement are recorded digitally on a blockchain or distributed ledger. The technology can allow transactions to be completed almost instantly, faster than the traditional process of recording and settling bond transactions. India's depositories are building a new electronic wallet named DEMAT 2.0 to record bond ownership on a distributed ledger, with subsequent trading limited to investors who have compatible central bank digital currency and securities wallets.

SBI Capital Markets Ltd., YES Bank, Axis Bank, and Trust Investment Advisors Pvt. Ltd. are the arrangers for the issuance, and it has received an anchor investment of INR 450 million from YES Bank. 

Monday, state-owned power financier REC Ltd. issued the country's first tokenised bond and raised INR 5 billion. REC issued its maiden tokenised bond under the Demat 2.0 Framework on the National Stock Exchange's electronic bidding platform. 

For the June quarter, L&T had reported consolidated net profit of INR 41.23 billion on revenue of INR 679.42 billion.

PNB HOUSING FINANCE

PNB Housing Finance Ltd. Monday approved the issuance of non-convertible debentures of up to INR 100 billion, with or without a green shoe option, on a private placement basis in one or more tranches. The debentures are proposed to be listed on the wholesale debt market segment of the National Stock Exchange and/or BSE, the company said in an exchange filing. Other details of the debentures, such as the tenure and coupon, will be provided at the time of allotment of the respective debentures.

For the June quarter, the housing finance company had reported consolidated net profit of INR 5.57 billion on revenues of INR 22.63 billion.

BAJAJ FINANCE

Bajaj Finance Ltd. Monday raised INR 20.5 billion through the reissue of bonds maturing on Mar. 25, 2030, dealers said. The bonds were rated "AAA" by Crisil Ratings, and will be allotted Tuesday. The reissue had a base size and a green shoe option of INR 20 billion each.

For the June quarter, Bajaj Finance had reported consolidated net profit of INR 59.86 billion on revenues of INR 231.65 billion.

GMR AIRPORTS

GMR Airports Ltd. Monday raised INR 15 billion through bonds maturing on Sept. 9, 2029, dealers said. The bonds were rated "AA-" by Crisil Ratings and will be allotted Wednesday. The bonds carried a fixed coupon of 5%, payable annually. The company had received anchor investment of INR 3.6 billion from various investors including Barclays Merchant Bank Singapore Ltd., Aditya Birla Sunlife Asset Management Co., Goldman Sachs India Finance Pvt. Ltd, and others. Deutsche Bank AG was the arranger for the issue. 

For the June quarter, GMR Airports had reported consolidated net profit of INR 910.4 million on revenues of INR 39.64 billion.

MOTILAL OSWAL FINANCIAL SERVICES

Motilal Oswal Financial Services Ltd. Monday approved issuance of non-convertible debentures aggregating to INR 2 billion on a private placement basis. The debentures are proposed to be listed on the National Stock Exchange and the tenure of the bond will be five years, the company said in an exchange filing. The issue has a base size of INR 400 million with a greenshoe option of up to INR 1.6 billion.

For the June quarter, Motilal Oswal had posted consolidated net profit of INR 12.73 billion on revenues of INR 34.26 billion. 

TATA CAPITAL

Tata Capital Ltd. has raised INR 30 billion through bonds maturing on Sept. 7, 2029, at a coupon of 8.05%, dealers said. The bonds were rated "AAA" by Crisil Ratings and will be allotted Tuesday. The issue had received an anchor investment of INR 5.25 billion from ICICI Bank Ltd., which was also the arranger for the issue.

For the June quarter, Tata Capital had posted consolidated net profit of INR 15.5 billion on revenues of INR 88.2 billion. 

BAJAJ HOUSING FINANCE

Bajaj Housing Finance Ltd. has raised INR 20 billion through the reissue of bonds maturing on Aug. 20, 2031, dealers said. The bonds were rated "AAA" by Crisil Ratings, and will be allotted Tuesday. The reissue had a base size of INR 5 billion and a greenshoe option of INR 15 billion.

For the June quarter, Bajaj Housing Finance had reported net profit of INR 7.15 billion on revenues of INR 30.63 billion. 

KOTAK MAHINDRA PRIME

Kotak Mahindra Prime Ltd. raised INR 7 billion through the issuance of bonds maturing on Oct. 21, 2031, dealers said. The bond carries a coupon of 8.15%, payable annually.

The bonds, rated "AAA" by Crisil Ratings, will be allotted on Tuesday. The non-banking financial company had raised INR 4 billion through the reissue of October 2029 bonds in August

HDB FINANCIAL SERVICES

HDB Financial Services Ltd. plans to raise up to INR 20 billion through the reissue of the 8.05%, August 2029 bond, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 0900 IST and 1000 IST Tuesday. 

The issue has a base size and a green-shoe option of INR 10 billion each. The coupon on the bond is payable annually. The bonds are rated "AAA" by Crisil Ratings, and will be allotted Wednesday. 

Axis Bank Ltd. is the sole arranger of the issuance. The issue has received an anchor investment of INR 1.5 billion from International Finance Corp. 

For the June quarter, HDB Financial reported a net profit of INR 7.85 billion on revenues of INR 49.38 billion. At 1526 IST, its shares traded at INR 681.05 apiece on the National Stock Exchange, slightly lower from Friday.

SHRIRAM FINANCE

Shriram Finance Ltd. plans to raise up to INR 30 billion through the reissue of the 7.80%, September 2029 bond, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 0900 IST and 1000 IST Tuesday.

The issue has a base size of INR 10 billion and a green shoe option of INR 20 billion. The coupon on the bond is payable annually. The bonds are rated "AAA" by ICRA Ltd., and will be allotted Wednesday. Axis Bank Ltd. is the sole arranger of the issuance. 

For the June quarter, Shriram Finance had reported net profit of INR 34.45 billion on revenues of INR 133.94 billion.

ADITYA BIRLA CAPITAL

Aditya Birla Capital Ltd. Tuesday plans to raise a total of up to INR 45 billion through the reissuance of four bonds with different maturities, dealers said. Bidding for the bonds will take place on the BSE's electronic platform Tuesday from 1100 IST to 1200 IST. Of the four bonds, two are zero-coupon bonds. 

The company plans to raise up to INR 10 billion through the reissuance of three-year bonds maturing on Aug. 13, 2031. This issue has a base size of INR 2.5 billion and a greenshoe option of INR 7.5 billion and carries a fixed coupon of 7.98%, payable annually.

It also plans to raise INR 7.50 billion each through the reissuance of two zero-coupon bonds maturing on May 30, 2029, and Jun. 25, 2031. Each of these bond issuances has a base size of INR 2 billion and a greenshoe option of INR 5.50 billion. The non-banking finance company plans to borrow up to INR 20 billion through the reissuance of bonds maturing on Sept. 9, 2029. This issue has a base size of INR 5 billion and a greenshoe option of INR 15 billion.

All four bonds are rated "AAA" by Crisil Ratings and will be allotted Wednesday. For the June quarter, Aditya Birla Capital had reported a consolidated net profit of INR 11.75 billion on revenues of INR 121.80 billion. 

GABRIEL INDIA

Gabriel India Ltd. plans to raise INR 10 billion through three-year bonds maturing on Sept. 10, 2029, dealers said. Bidding for the bond will take place on the BSE's electronic bidding platform between 1000 IST and 1100 IST Wednesday. 

The bond, rated "AA+" by Crisil Ratings, will be allotted Thursday. It has a fixed coupon of 8.15%, which will paid on an annual basis. Citigroup Global Markets India Pvt. Ltd. and HSBC are the arrangers of the issuance.

The issue received anchor investment of INR 1.5 billion from ICICI Prudential corporate bond fund, INR 600 million from Nippon India Mutual Fund, INR 750 million from ICICI Prudential Life Insurance Co. Ltd., and INR 150 million from Reliance General Insurance Co. Ltd.

REC

State-owned power financier REC Ltd. issued the country's first tokenised bond and raised INR 5 billion Monday, dealers said. REC issued its maiden tokenised bond under the Demat 2.0 Framework on the National Stock Exchange's electronic bidding platform. 

Market participants said the coupon on the bond was in line with expectations. According to the term sheet, the issue, which had a base size of INR 1 billion and a greenshoe option of INR 4 billion, was fully subscribed. The bond will mature on May 31, 2028, implying a tenor of 1 year, 8 months, 24 days. The bond, rated "AAA" by domestic rating agencies, will be allotted Monday.

Tokenised bonds are debt securities whose ownership, issuance, trading, and settlement are recorded digitally on a blockchain or distributed ledger. The technology can allow transactions to be completed almost instantly, faster than the traditional process of recording and settling bond transactions. India's depositories are building a new electronic wallet named Demat 2.0 to record bond ownership on a distributed ledger, with subsequent trading limited to investors who have compatible central bank digital currency and securities wallets.

The issue was part of a pilot project being anchored by the Securities and Exchange Board of India in coordination with the Reserve Bank of India. The bonds will use blockchain technology for settlement, on the lines of central bank digital currency transactions that happen instantly through central bank digital currency wallets.

For the June quarter, REC had reported a net profit of INR 41.49 billion and total income of INR 143.31 billion. 

LAST WEEK

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AXISCADES TECHNOLOGIES

The board of AXISCADES Technologies Ltd. on Sept. 5 approved fundraising of up to INR 2 billion through unlisted non-convertible debentures on a private placement basis, the company informed exchanges. The bonds will be of a tenure of up to 60 months, with prepayment options by the issuer and a put option by investors, subject to conditions, the filing said. The coupon on the bonds will be 12.50% per annum, with interest payable quarterly. The date of allotment of the bonds will be "determined by the company subsequently at the time of signing of definitive agreements," the filing said.

The funds raised will be used for the acquisition of Cloud Wave Technologies Pvt. Ltd., a Bengaluru-based company in the precision engineering and manufacturing industry, the filing said. The funds will also be used to finance related transaction expenses, it said. In August, the company had said it would acquire a 90% stake in Cloud Wave Tech for around INR 2.34 billion, with the acquisition expected to be completed by the end of this month. For the June quarter, the company reported a consolidated net loss of INR 148.33 million on revenues of INR 1.83 billion.

GMR AIRPORTS

GMR Airports Ltd. plans to raise INR 15 billion through three-year bonds maturing on Sept. 9, 2029, dealers said. Bidding for the bond will take place on the BSE's electronic bidding platform on Sept. 7. The bonds, rated "AA-" by Crisil Ratings, will be allotted on on Sept. 9.

MUTHOOT MICROFIN

Muthoot Microfin Ltd. plans to raise INR 2.5 billion through bonds maturing on Sept. 8, 2028, dealers said. Bidding for the bond will take place on the BSE's electronic platform between 1200 IST and 1300 IST on Sept. 7.

The bonds are rated "AA-" by Crisil Ratings and will be allotted on Sept. 8. The bonds will carry a coupon of 9.25%.

KUANTUM PAPERS

Kuantum Papers Ltd. on Sept. 3 approved the allotment of non-convertible debentures aggregating to INR 1 billion on a private placement basis, the company informed exchanges. The debentures will mature on Jun. 2, 2030. The debentures were issued at 12.70%, payable monthly.

POWER FINANCE CORP.

Power Finance Corp. Ltd. raised INR 42.44 billion through two bonds of different maturities on Sept. 3, dealers said. The state-owned company had planned to raise up to INR 50 billion via two bonds of INR 25 billion each.

The power financier raised INR 22.69 billion via 10-year bonds maturing Sept. 8, 2036, at a coupon of 7.61% and INR 19.75 billion via five-year bonds maturing Sept. 8, 2031, at 7.60%. Coupons on both bonds are payable annually. Both bonds were rated "AAA" by Crisil Ratings and will be allotted on Sept. 7.

For the June quarter, PFC had reported a net profit of INR 47.45 billion on revenues of INR 139.93 billion.

On Aug. 24, Power Finance Corp. had withdrawn its three-year bond issuance as investors had demanded a higher coupon. Meanwhile, the company raised INR 25 billion through 15-year bonds at 7.55%, which were fully subscribed. The state-owned company had planned to raise up to INR 50 billion through two bonds--a three-year paper and a 15-year paper.

ALPHAGREP SECURITIES

Alphagrep Securities Pvt. Ltd. plans to raise up to INR 2 billion through the issuance of bonds maturing Sept. 12, 2027, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic platform on Sept. 7.

The issue has a base size and a green-shoe option of INR 1 billion each. The coupon on the bond is fixed at 10.50%, payable quarterly. The bonds are rated "A+" by Crisil Ratings and will be allotted on Sept. 8.

BALKRISHNA INDUSTRIES

Balkrishna Industries Ltd. has raised INR 5.5 billion from three bonds with different maturities, dealers said. All three bonds were fully subscribed and were rated "AA+" by ICRA Ltd.

The company raised INR 2 billion from two-year bonds at a fixed coupon of 7.35%. It raised another INR 2.25 billion from three-year bonds at a fixed coupon of 7.38%. The company raised the remaining INR 1.25 billion from four-year bonds at a fixed coupon of 7.40%. The coupon on all the three bonds will be payable annually. All three bonds will be allotted on Sept. 3.

For the June quarter, Balkrishna Industries had reported net profit of INR 4.32 billion on revenues of INR 34.45 billion.

AAVAS FINANCIERS

The board of Aavas Financiers Ltd. on Sept. 2 approved the issuance of non-convertible debentures on a private placement basis worth INR 1 billion, the company informed exchanges. The debentures are proposed to be listed on the wholesale debt market segment of BSE, the housing financier said. The bonds will mature in five years from deemed date of allotment and coupon will be payable quarterly, the company said.

For the June quarter, the home loan company posted a net profit of INR 1.71 billion on revenues of INR 7.09 billion.

CREDITACCESS GRAMEEN

The board of CreditAccess Grameen Ltd. on Sept. 2 approved the allotment of two series of non-convertible debentures on a private placement basis worth INR 3 billion, the company informed exchanges. The company's debentures were fully subscribed, as planned, for a total fundraise of INR 3 billion through two series with different maturities.

The board approved allotment of series-I debentures worth INR 1 billion maturing on Sept. 2, 2028, at a fixed coupon of 9.15%, and series-II debentures worth INR 2 billion maturing on Sept. 2, 2029, at a fixed coupon of 9.25%. Coupons on both the debentures will be paid annually. The debentures will be listed on the wholesale debt market segment of BSE, the microfinance lender said.

For the June quarter, the company had reported net profit of INR 4.93 billion on revenues of INR 17.83 billion.

IIFL FINANCE

The board of IIFL Finance Ltd. on Sept. 2 approved the allotment of non-convertible debentures worth INR 3.5 billion, the company informed exchanges. The two-year bonds will mature on Sept. 1, 2028.

The coupon on the bond is fixed at 9.25%, payable annually. For the June quarter, IIFL Finance had reported a consolidated net profit of INR 6.75 billion on revenues of INR 39.19 billion.

L&T FINANCE

L&T Finance Ltd. raised INR 5 billion through the reissue of 7.8384%, September 2029 bonds, dealers said. The company had planned to raise up to INR 10 billion with the issuance, which had a base size and a greenshoe option of INR 5 billion each.

The bond, rated "AAA" by Crisil Ratings, will be allotted on Sept. 2. For the June quarter, L&T Finance had reported consolidated net profit of INR 9.02 billion on revenues of INR 52.13 billion.

CHOLAMANDALAM INVESTMENT AND FINANCE

Cholamandalam Investment and Finance on Aug. 31 raised INR 20 billion through the issuance of subordinated, perpetual bonds, dealers said.

The coupon on the bond was fixed at 9.87%, payable annually. The bonds were rated 'AA+' by ICRA Ltd. The issue carried a call option, exercisable on Sept. 2, 2036. SBI Mutual Fund had made an anchor investment of INR 6 billion.

For the June quarter, Cholamandalam Investment had reported net profit of INR 16.54 billion on revenues of INR 88.33 billion.

AKARA CAPITAL ADVISORS

Akara Capital Advisors Pvt. Ltd. plans to raise up to INR 1 billion through the issuance of bonds maturing on Dec. 3, 2027, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1100 IST and 1600 IST on Sept. 2.

The issue has a base size of INR 250 million and a greenshoe option of INR 750 million. The coupon on the bond is fixed at 12.5%, payable monthly. The bonds are rated "BBB+" by Acuite Ratings and Research and will be allotted on Sept. 3.

BALKRISHNA INDUSTRIES

Balkrishna Industries Ltd. plans to raise a total of INR 5.5 billion through the issuance of three bonds with different maturities, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1030 IST and 1200 IST on Sept. 2.

The company plans to raise INR 2 billion through the issuance of two-year bonds at a fixed coupon of 7.35%. It plans to raise another INR 2.25 billion through the issuance of three-year bonds at a fixed coupon of 7.38%. The company plans to raise the remaining INR 1.25 billion through four-year bonds at a fixed coupon of 7.40%. The coupon on all the three bonds is payable annually. All three bonds are rated "AA+" by ICRA Ltd., and those will be allotted on Sept. 3.

For the June quarter, Balkrishna Industries had reported a net profit of INR 4.32 billion on revenues of INR 34.45 billion.

SIDBI

The Small Industries and Development Bank of India on Sept. 1 raised INR 58.89 billion at a 7.70% coupon through the issuance of bonds maturing Oct. 10, 2029, dealers said. The state-owned financial institution had planned to raise up to INR 60 billion through the bond.

The issue had a base size of INR 20 billion and a green-shoe option of INR 40 billion. SIDBI received bids aggregating to INR 139.65 billion in the coupon range of 7.47-7.89%, according to the bid book accessed by Informist. The base size was getting subscribed at 7.68%, while the full issue, including the green shoe option, was getting subscribed at 7.71%.

The coupon on the bonds will be payable annually. The bonds are rated 'AAA' by Crisil Ratings and will be allotted on Sept. 3.

ADITYA BIRLA CAPITAL

Aditya Birla Capital Ltd. plans to raise up to INR 5 billion through the reissue of zero-coupon bonds maturing on Jun. 25, 2031, dealers said. Bidding for the bonds will take place on the BSE's electronic platform between 1100 IST and 1200 IST on Sept. 1. The issue has a base size of INR 3 billion and a greenshoe option of INR 2 billion. The bonds, rated "AAA" by Crisil Ratings, will be allotted on Sept. 2.

For the June quarter, Aditya Birla Capital had reported consolidated net profit of INR 11.75 billion on revenues of INR 121.80 billion.

ECAP EQUITIES

ECap Equities Ltd. plans to raise INR 2.75 billion through the issuance of bonds maturing on Apr. 25, 2031, and has invited bids for the same on Sept. 1, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1000 IST and 1400 IST.

The coupon on the bond is fixed at 10.35%, payable quarterly. The bonds are rated "A+" by Crisil Ratings and will be allotted on Sept. 2. ECap Equities is a wholly-owned subsidiary of Edelweiss Financial Services Ltd.

PROGFIN

Progfin Pvt. Ltd. plans to raise up to INR 1.50 billion through the issuance of bonds maturing Jan. 2, 2028, and has invited bids for the same on Sept. 1, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1000 IST and 1600 IST.

The coupon on the bond is fixed at 10%, payable monthly. The bonds are rated "BBB+" by ICRA Ratings and will be allotted on Sept. 2. The company provides collateral-free working capital and supply chain financing to small retailers and micro, small, and medium enterprises.

LAST FORTNIGHT

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SIDBI

Small Industries and Development Bank of India plans to raise INR 60 billion through the issuance of bonds maturing on Oct. 10, 2029, and has invited bids for them on Sept. 1, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic bidding platform between 1100 IST and 1200 IST.

The issue has a base size of INR 20 billion and a greenshoe option of INR 40 billion. The coupon on the bonds will be decided at the time of bidding, payable annually. The bonds, rated "AAA" by Crisil Ratings, will be allotted on Sept. 3.

ICICI HOME FINANCE

ICICI Home Finance Co. Ltd. plans to raise INR 4 billion through the issuance of floating-rate bonds maturing on Sept. 28, 2029, dealers said. Bidding for the bonds will take place on the BSE's electronic bidding platform between 1030 IST and 1130 IST on Aug. 31.

The coupon on the bond is fixed at 210 basis points above three-month Treasury bills, payable annually. The bonds are rated 'AAA' by ICRA Ratings, and will be allotted on Sept. 1.

The issue has received anchor investments of INR 950 million from ICICI Bank Ltd. and INR 250 million from PNB Gilts Ltd. ICICI Home Finance is a wholly-owned subsidiary of ICICI Bank.

NAVI FINSERV

Navi Finserv Ltd. plans to raise INR 2 billion through the issuance of two bonds with different maturities and has invited bids for the same on Aug. 31, dealers said. Bidding for both the bonds will take place on BSE's electronic bidding platform between 1100 IST and 1500 IST.

The company plans to raise INR 500 million through the issue maturing on Jun. 1, 2028, with the coupon fixed at 10.50%. With the issue maturing on Mar. 31, 2028, the company plans to raise INR 1.5 billion through the reissuance and the coupon has been fixed at 10.30%. Both the coupons will be paid monthly. The two bonds are rated 'A' by Crisil Ratings and will be allotted on Sept. 1.

TOYOTA FINANCIAL SERVICES

Toyota Financial Services India Ltd. raised INR 1.99 billion through the reissue of the 8.20%, July 2029 bonds, dealers said. The coupon on the bonds will be payable annually. The bonds were rated 'AAA' by Crisil Ratings, and will be allotted on Aug. 28.

HOME FIRST FINANCE

Home First Finance Co. India Ltd. raised INR 1.50 billion through the issuance of bonds maturing on Aug. 22, 2031, and the bonds were fully subscribed, dealers said. Bidding for the bonds took place on BSE's electronic bidding platform on Aug. 27. The bonds carried a coupon at 216 basis points over the three-month overnight indexed swap rate. The coupons will be paid quarterly. The bonds were rated "AA" by ICRA Ratings and will be allotted on Aug. 28. For the June quarter, Home First had reported a net profit of INR 1.60 billion on revenue of INR 5.38 billion.

UGRO CAPITAL

UGRO Capital Ltd. raised INR 3.80 billion on Aug. 27 through the issuance of five-year bonds maturing on Aug. 22, 2031. The issue was fully subscribed, dealers said. The bonds, rated "A+" by India Ratings and Research, will be allotted on Aug. 28

The bond carries a fixed coupon of 10.20%, payable semi-annually. The company had reported a net profit of INR 607.15 million for the June quarter.

MAPLE INFRASTRUCTURE TRUST

Maple Infrastructure Trust on Aug. 27 raised INR 7 billion through the issuance of Mar. 31, 2041, bonds, dealers said. The coupon on the bonds was fixed at 7.4890%, payable quarterly. The issuance was fully subscribed. The bonds, rated "AAA" by ICRA Ratings, will be allotted on Aug. 28.

The issuance had received an anchor investment of INR 2.1 billion from the National Bank for Financing Infrastructure and Development.

LIFE INSURANCE CORP. OF INDIA

Life Insurance Corp. of India has subscribed to INR 50 billion worth of non-convertible debentures issued by Bajaj Finance Ltd. maturing on Aug. 27, 2036, the insurer said in an exchange filing Aug. 27.

Earlier in the day, Bajaj Finance allotted non-convertible debentures worth INR 50 billion on a private placement basis. These debentures are proposed to be listed on the wholesale debt market segment of BSE Ltd.

The issuer will use the proceeds for general business purposes, including various financing activities, repayment of existing loans, capital expenditure, and working capital requirements. The coupon on the bond has been fixed at 8.15% per annum, with the first interest payment on Aug. 27, 2027, and annually thereafter.

For the June quarter, Bajaj Finance had reported a consolidated net profit of INR 59.86 billion on revenues of INR 231.65 billion.

EDELWEISS ASSET RECONSTRUCTION

Edelweiss Asset Reconstruction Co. Ltd. on Aug. 26 raised INR 1 billion through the issuance of three-year bonds maturing on Aug. 23, 2029, dealers said. The company had planned to raise INR 2 billion.

The coupon on the bonds was fixed at 9.11%, payable monthly. The bonds were rated 'A+' by Crisil Ratings.

REC

REC Ltd. on Aug. 27 raised INR 25.02 billion through the issuance of bonds maturing Oct. 31, 2036, at 7.57%, dealers said. The power sector financier had planned to raise up to INR 30 billion through the bonds. The coupon on the bonds will be payable annually.

The state-owned company received 61 bids aggregating to INR 45.82 billion in the coupon range of 7.15-7.67%, according to the bid book accessed by Informist. Market participants had expected the cut-off on the bond between 7.55% and 7.65%.

Also, REC scrapped the issuance of bonds maturing on Oct. 31, 2028, as investors demanded a higher coupon, dealers said. For the two-year, two-month issue, the company had received 51 bids aggregating to INR 30.88 billion in the coupon range of 7.30-7.58%, according to the bid book.

The base issue of INR 5 billion was priced at a coupon of 7.46%, while the entire issue, including the greenshoe option of INR 25 billion, was getting subscribed at 7.58%.

For the June quarter, REC had reported a net profit of INR 41.49 billion and total income of INR 143.31 billion. At 1341 IST, shares of the company were traded 0.2% lower at INR 321.60 apiece on the National Stock Exchange.

BAJAJ FINANCE

Bajaj Finance Ltd. has allotted non-convertible debentures worth INR 50 billion, on a private placement basis, the company said in an exchange filing on Aug. 27. These debentures will mature on Aug. 27, 2036, and are proposed to be listed on the wholesale debt market segment of BSE Ltd.

The coupon on the bond is fixed at 8.15% per annum, with first interest payment on Aug. 27, 2027, and annually thereafter. For the June quarter, Bajaj Finance had reported a consolidated net profit of INR 59.86 billion on revenues of INR 231.65 billion.

JIO CREDIT

Jio Credit Ltd., a wholly-owned subsidiary of Jio Financial Services Ltd., will on Aug. 28 raise up to INR 20 billion through the issuance of bonds maturing in August 2029. Bidding for the bonds will take place on the National Stock Exchange's electronic platform. The coupon on the bonds is fixed at 8.08% per annum, payable annually.

The issue has a base size of INR 10 billion and a greenshoe option of INR 10 billion. The bonds, rated 'AAA' by Crisil Ratings, will be allotted on Aug. 31. ICICI Bank Ltd. is the sole arranger of the issuance. The financial services company last raised INR 10.25 billion through two bonds Jul. 30, against a planned issuance of INR 20 billion. Since then, its parent company announced that NB Holdings Corp., a wholly-owned subsidiary of Bank of America Corp., plans to acquire up to 49.90% stake in Jio Credit. For the June quarter, Jio Financial Services posted a consolidated net profit of INR 8.30 billion on a revenue of INR 20.04 billion.

HIMATSINGKA SEIDE

Textile company Himatsingka Seide Ltd. on Aug. 25 said it will raise up to INR 5.50 billion through unsecured, listed non-convertible debentures on private placement in one or more tranches. The fundraise consists of a base issue of INR 3.00 billion with a green shoe option of up to INR 2.50 billion. The tenure of the bonds will be 42 months from the date of allotment, which is yet to be decided, it informed exchanges. The coupon on the bonds is fixed at 11.50% per annum, payable quarterly. The rupee-denominated bonds will be listed on BSE Ltd. The principal amount will be repaid in three instalments at the end of 30 months, 36 months and 42 months respectively, it said.

KISETSU SAISON FINANCE

Kisetsu Saison Finance (India) Pvt. Ltd. raised INR 4 billion through the issuance of bonds maturing on Feb. 24, 2028, dealers said. The bonds were fully subscribed.

The coupon on the bond was fixed at 7.95%. The first coupon will be paid on Feb. 24 and annually thereafter. The bonds, rated "AAA" by Crisil Ratings, were allotted on Aug. 24. Axis Bank Ltd. was the sole arranger of the issuance and had made an anchor investment of INR 1.2 billion.

ECAP SECURITIES

ECap Equities Ltd. raised INR 2.25 billion through the reissuance of 10.30% April 2029 bonds, dealers said. The bond issue was fully subscribed.

The bond is rated "A+" by Crisil Ratings and was allotted on Aug. 24. ECap Equities is a wholly-owned subsidiary of Edelweiss Financial Services Ltd.

MINDSPACE BUSINESS PARKS

Mindspace Business Parks Ltd. raised INR 5 billion through the issuance of Sept. 26, 2028, bonds, dealers said. The bonds were fully subscribed. The coupon on the bond has been fixed at 7.6335%, payable quarterly.

The bond has been rated "AAA" by Crisil Ratings and was allotted on Aug. 24. A.K. Capital Services Ltd. was the sole arranger of the issuance. The issuance had received anchor investments of INR 450 million each from Aditya Birla Sun Life Mutual Fund and Mirae Asset Hybrid Equity Fund and INR 300 million each from HSBC Mutual Fund and UTI Asset Management Co. Ltd.

REC LTD.

State-owned REC Ltd. plans to raise up to INR 60 billion through the issuance of two bonds with different maturities and has invited bids for them on Aug. 27, dealers said. The coupon on both bonds will be payable annually.

The power-sector financier plans to raise up to INR 30 billion through the issuance of bonds maturing on Oct. 31, 2028. The issue has a base size of INR 5 billion and a greenshoe option of INR 25 billion. Bidding for these bonds will take place from 1100 IST to 1200 IST.

REC also plans to raise up to INR 30 billion through the issuance of bonds maturing on Oct. 31, 2036. This issuance also has a base size of INR 5 billion and a greenshoe option of INR 25 billion. The bidding will take place between 1030 IST and 1130 IST.

Both bonds are rated "AAA" by ICRA Ratings. Both will be allotted on Aug. 31. For the June quarter, REC posted a net profit of INR 41.49 billion and revenue of INR 142.96 billion.

PROGFIN

Progfin Pvt. Ltd. plans to raise INR 1 billion through the issuance of bonds maturing on Mar. 5, 2028 and has invited bids for the same on Aug. 25, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1200 IST and 1600 IST.

The coupon on the bond is fixed at 11.00%, payable monthly. The bonds are rated 'BBB+' by ICRA Ratings and will be allotted on Aug. 27.

SATIN FINSERV

Satin Finserv Ltd. plans to raise up to INR 1 billion through bonds maturing on Nov. 26, 2028, and has invited bids for the same on Aug. 25, dealers said. Bidding for the bonds will take place on BSE's electronic bidding platform between 1000 IST and 1500 IST.

The issue has a base size and a green-shoe option of INR 500 million each. The coupon on the bond is fixed at 10.80%, payable quarterly. The bonds are rated "A-" by ICRA Ratings and will be allotted on Aug. 27.

BAJAJ FINANCE

Bajaj Finance Ltd. plans to raise up to INR 60 billion through the issuance of 10-year bonds maturing on Aug. 27, 2036, dealers said. Bidding for the bonds will take place on the National Stock Exchange's electronic platform on Aug. 25.

The issue has a base size of INR 20 billion and a greenshoe option of INR 40 billion. The coupon on the bond, which is yet to be decided, will be payable annually. The bonds, rated "AAA" by Crisil Ratings, will be allotted on Aug. 27. For the June quarter, Bajaj Finance reported a consolidated net profit of INR 59.86 billion on revenues of INR 231.65 billion.

POWER FINANCE CORP.

Power Finance Corp. Ltd. on Aug. 24 raised INR 25 billion through the issuance of 15-year bonds at 7.55%, dealers said. The bonds were fully subscribed. The coupon on the bonds will be payable annually.

The state-owned company received bids aggregating to INR 50.97 billion in the coupon range of 7.15-7.75%, according to the bid book accessed by Informist. Market partcipants had expected the cut-off on the 15-year bond to be 7.60–7.65%.

However, PFC scrapped its three-year bond issuance of INR 25 billion, as investors demanded a higher coupon, dealers said. For the three-year issue, the company received bids aggregating to INR 69.95 billion in the coupon range of 7.34-7.60%, according to the bid book. The base issue of INR 5 billion was priced at a coupon of around 7.44%, while the entire issue, including the greenshoe option, was subscribed at 7.52%. The cut-off for the three-year bond was expected to be around 7.45%. For the June quarter, PFC reported a net profit of INR 47.45 billion on revenue of INR 139.93 billion.  End

Edited by Avishek Dutta

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