Informist, Thursday, Mar 2, 2023
--Sources: Kerala Fincl Corp plans up to 7.5-bln-rupee, 10-year bond
--Kerala Fincl Corp may seek bids for 10-year bond this month
By Asmita Patil
MUMBAI – After a hiatus, Kerala Financial Corp Ltd is set to tap the debt market this month with a 10-year paper to raise up to 7.5 bln rupees, that carries separately transferable and redeemable principal parts, market sources told Informist today.
According to merchant bankers, the state government-owned non-banking finance company may invite bids for the issue next week.
"They will float a tender for merchant bankers for quotes next week, so this issue will launch in second week of March," a source aware of the development said. "Arrangers will be appointed most likely by Mar 9, and then they will immediately upload the issue on stock exchange for bidding."
The issue has a base size of 2.5 bln rupees and a greenshoe option of 5 bln rupees.
"We have taken the rating, everything is in place, we expect to upload the issue on EBP (electronic bidding platform) before Mar 31," a source involved in the transaction said.
"The proceeds of this issue will be used for operational purposes only," the source said. The company's objective is to generate working capital with this issue.
The bonds will be redeemed in five equal instalments starting from the sixth year from the date of allotment till the end of 10th year.
The bonds are rated "AA" by Acuite Ratings and Research and Infomerics Ratings.
The last time the company tapped the bond market was in September 2020 through a 10-year bond, which carried a separately transferable and redeemable principal parts structure. End
Edited by Aditya Sakorkar
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Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
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Informist, Thursday, Mar 2, 2023
--Sources: Kerala Fincl Corp plans up to 7.5-bln-rupee, 10-year bond
--Kerala Fincl Corp may seek bids for 10-year bond this month
By Asmita Patil
MUMBAI – After a hiatus, Kerala Financial Corp Ltd is set to tap the debt market this month with a 10-year paper to raise up to 7.5 bln rupees, that carries separately transferable and redeemable principal parts, market sources told Informist today.
According to merchant bankers, the state government-owned non-banking finance company may invite bids for the issue next week.
"They will float a tender for merchant bankers for quotes next week, so this issue will launch in second week of March," a source aware of the development said. "Arrangers will be appointed most likely by Mar 9, and then they will immediately upload the issue on stock exchange for bidding."
The issue has a base size of 2.5 bln rupees and a greenshoe option of 5 bln rupees.
"We have taken the rating, everything is in place, we expect to upload the issue on EBP (electronic bidding platform) before Mar 31," a source involved in the transaction said.
"The proceeds of this issue will be used for operational purposes only," the source said. The company's objective is to generate working capital with this issue.
The bonds will be redeemed in five equal instalments starting from the sixth year from the date of allotment till the end of 10th year.
The bonds are rated "AA" by Acuite Ratings and Research and Infomerics Ratings.
The last time the company tapped the bond market was in September 2020 through a 10-year bond, which carried a separately transferable and redeemable principal parts structure. End
Edited by Aditya Sakorkar
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
