Kotak Mahindra Investments to issue multiple-tenor bonds - traders
MUMBAI (Reuters) - India's Kotak Mahindra Investments plans to raise at least 750 million rupees ($9.19 million) through two bonds, one maturing in April 2026 and the other in May 2026, three merchant bankers said on Tuesday.
The company has invited bids from merchant bankers and investors for the issuances on Wednesday.
The issue of bonds maturing in April 2026 has a base size of 250 million rupees and a greenshoe to retain an oversubscription of 750 million rupees. The company will offer a coupon of 7.99% on the issue.
The issue of zero-coupon bonds maturing in May 2026 has a base size of 500 million rupees and a greenshoe option of 2.5 billion rupees.
Both the bond issuances are rated AAA by CRISIL and the issue will close for subscription later this week.
($1 = 81.6030 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sohini Goswami)