MUMBAI — India’s Bank of Baroda plans to raise at least 2.5 billion rupees ($31.46 million) through issuance of infrastructure bonds maturing in seven years, three merchant bankers said today.
The state-run lender has invited coupon and commitment bids from bankers and investors for the same by 1200 IST on Friday, they said.
The bonds are rated AAA by ICRA and India Ratings and the issue will close for subscription on Aug. 17.
The issue has a greenshoe option to retain an additional 7.50 billion rupees and will mature on Aug. 17, 2029. ($1 = 79.4620 Indian rupees) (Reporting by Dharamraj Lalit Dhutia)