India Infrastructure Finance Co has set a coupon of 9.41 percent for 25-year bonds and 9.36 percent for 30-year bonds, two sources with direct knowledge of the deal said on Monday.
The firm will raise 11 billion rupees ($199.22 million)through the dual-tranche bond offering.
Barclays Capital is the top arranger with 2.3 billion rupees. Other major arrangers are Trust Capital, ICICI Securities Primary Dealership and Axis Bank, they said.
These bonds are the longest maturity in a domestic bond issued by a state-owned entity.