India's FCI sets coupon to raise 50 bln rupees via bonds

Last Updated: Tue, Mar 19, 2013 12:20 hrs

MUMBAI, March 19 (Reuters) - India's Food Corporation of India has fixed coupons to raise 50 billion rupees ($922.42 million) through dual tranche bonds, three sources with knowledge of the deal said.

The state-owned firm will raise most of its funds, about 47 billion rupees, though 15-year bonds at 8.80 percent and the rest through 10-year bonds at 8.62 percent, the sources said.

The bonds are rated AAA by Crisil and ICRA, and will be guaranteed by the central government, the sources said. ($1 = 54.2050 Indian rupees) (Reporting by Archana Narayanan; Editing by Bijoy Koyitty)

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