India's Power Finance Corporation closed books for its bond sale of at least 1.5 billion rupees ($27.05 million) after receiving bids of over 41 billion rupees within hours of the launch on Tuesday, four bankers involved in the sale said.
The bond sale has three tranches. The 5-year tranche has a put/call at the end of 18 months, with a semi-annual coupon of 9.01 percent.
Power Finance is also selling a 5-year bullet tranche with an annual coupon of 9.27 percent, and a 10-year tranche with a put/call at the end of eight years that pays an annual coupon of 9.29 percent.
The final amount to be raised will be known by end of the day, the bankers said. The issue is scheduled to open on Tuesday and close on Thursday.
Demand for the bonds was widespread, with more foreign investor interest seen in the shorter-end, while traders and funds bid for the debt of 5 years and above, three bankers said.