India REC plans to raise at least 5 bln rupees via bonds

Last Updated: Fri, Nov 02, 2012 04:30 hrs

MUMBAI, Nov 2 (Reuters) - India's Rural Electrification Corp Ltd invited bids on Friday to raise at least 5 billion rupees ($93.01 million) through unsecured bonds, a termsheet obtained by Reuters showed.

The firm will issue seven-year bonds with a bullet redemption, a 10-year vanilla bond and seven-year bonds with staggered yearly unequal redemptions starting from the fifth year, the document said.

The issue, rated AAA by Crisil and LAAA by ICRA, is tentatively slated to open on Monday and close on Wednesday, it showed.

($1 = 53.7600 Indian rupees) (Reporting by Archana Narayanan; Editing by Prateek Chatterjee)

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