India's Piramal Capital raises $300 million via maiden dollar bonds, IFR says
MUMBAI, July 23 (Reuters) -India's Piramal Capital and Housing Finance has raised $300 million by issuing its debut sustainability bonds maturing in three years and six months at 7.95%, IFR, a Thomson Reuters publication, reported late Monday.
The final coupon on these Regulation-S bonds was inside the initial guidance of 8.25%, IFR reported, quoting people with knowledge of the transaction.
The company, a wholly-owned subsidiary of non-banking financial firm Piramal Enterprises PIRA.NS, received bids of more than $1 billion, including $90 million from lead bankers.
The bonds are expected to be rated Ba3 by Moody's and BB– by S&P.
Deutsche Bank, Barclays and Standard Chartered were joint global coordinators, as well as joint bookrunners with Axis Bank, Citigroup and Emirates NBD Bank.
Reporting by Bhakti Tambe; Editing by Janane Venkatraman
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