Network service provider GTL Ltd, has raised 7 billion rupees via bonds, the company told the Bombay Stock Exchange on Monday.
It sold three series of unsecured bonds carrying a coupon rate of 8 percent, payable quarterly. The bonds are rated 'A' by CARE and have a bullet redemption.
Up to 2.35 billion rupees of the bonds mature in 36 months with a coupon reset date at the end of the first and second year. An equal amount matures in 48 months with a coupon reset at the end of the first, second and third year.
U pto 2.3 billion rupees matures in 60 months with a coupon reset at the end of the first, second, third and fourth year, the company said.
GTL can call the bonds on the coupon reset dates.
Standard Chartered Bank was arranger to the issue, the proceeds of which GTL said it will use to meet ongoing working capital and capital expenditure needs.
(Reporting by Jeanette Rodrigues; Editing by Prem Udayabhanu)
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