India New Issue-ICICI Prudential Life to issue 10-year bonds, bankers say
MUMBAI, Dec 16 (Reuters) -India's ICICI Prudential Life Insurance ICIR.NS plans to raise 14 billion rupees ($165.03 million), including a greenshoe option of 2 billion rupees, through the sale of subordinated bonds maturing in 10 years, two merchant bankers said on Monday.
The private insurer has invited bids from bankers and investors for its debut bond offering on Wednesday, the bankers added.
The bonds have a call option at the end of five years.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Dec. 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
ICICI Prudential Life Insurance | 10 years | To be decided | 12+2 | Dec. 18 | AAA (Crisil, Icra) |
NDR InvIT Trust | 8 years | 8.05 (payable quarterly) | 6.30 | Dec. 20 | AAA (Care, India Ratings) |
Punjab & Sind Bank | 10 years | To be decided | 5+25 | Dec. 18 | AA (Crisil, India Ratings) |
Mumbai Urja Marg | 13 years, 9 months and 15 days | 8.10 (payable quarterly) | 24.50 | Dec. 13 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 84.8330 Indian rupees)
Reporting by Dharamraj Dhutia
Editing by Editing by Abinaya Vijayaraghavan
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