Indian NBFCs eye up to Rs47bn from short-tenor bonds

Credit: REUTERS/FRANCIS MASCARENHAS

Indian non-bank lenders including LIC Housing Finance and Bajaj Housing Finance are planning to raise up to Rs47bn (US$640m) from short-tenor bonds, according to market sources.

MUMBAI, Sept 23 (IFR) - Indian non-bank lenders including LIC Housing Finance and Bajaj Housing Finance are planning to raise up to Rs47bn (US$640m) from short-tenor bonds, according to market sources.

LIC Housing Finance plans to raise up to Rs15bn from four-year two-month bonds. It is looking to sell Rs5bn plus a greenshoe of Rs10bn. Crisil and Care have assigned a AAA rating to the secured bonds.

Bajaj Housing Finance plans to raise up to Rs100m plus a greenshoe of Rs19.9bn from three-year bonds, which have been assigned a AAA rating by Crisil.

Muthoot Finance is seeking bids to raise Rs100m plus a greenshoe of Rs9.9bn from rupee notes dues on November 25 2022 at 7.15%. Crisil has assigned a AA rating to the bonds.

HDFC Credila Financial Services is planning to sell Rs2bn bonds maturing on August 2 2023 at 5.99%. Crisil and Icra have assigned the bonds a AAA rating. ICICI Bank is said to be the arranger.

LIC Housing Finance, Bajaj Housing Finance and Muthoot Finance have asked investors to place bids on the NSE's electronic platform on September 24, while HDFC Credila Financial Services is seeking bids today.

The issuers are yet to make an official announcement on the planned bond sales.

(Reporting by Krishna Merchant; Editing by David Holland)

((Krishna.Merchant@thomsonreuters.com; +65 64174544;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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