MUMBAI (Reuters) – India’s Shriram Finance plans to raise funds through U.S. dollar denominated bonds maturing in three years and three months, two merchant bankers said on Tuesday.
The funds raised through the sale of bonds will be used to support social projects and other activities allowed under the Reserve Bank of India’s external commercial borrowing guidelines, a term sheet to the issue showed.
Barclays, BNP Paribas, Citigroup, DBS Bank, Deutsche Bank, Emirates NBD Capital, HSBC (B&D), J.P. Morgan, MUFG, SMBC Nikko and Standard Chartered Bank are the joint global coordinators and bookrunners for the issue.
Fitch Ratings and S&P Global are expected to rate the issue BB, which is in line with the issuer rating.
The company has given an initial guidance for a coupon of around 7.00%, and the issues would be settled on Jan. 22, the bankers added.
(Reporting by Dharamraj Dhutia;Editing by Dhanya Ann Thoppil)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.