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India New offering: Bankers anticipate another 10-year bond offering from IREDA soon.

"IREDA has the approval ready and we may not be surprised if it comes this week as well, or else they may hit in the first week of January," a banker at the firm said.

 

Reuters

MUMBAI: According to three merchant bankers on Wednesday, the Indian Renewable Energy Development Agency Ltd. (IREDA) intends to offer 10-year notes in order to rapidly finance an additional about 10 billion rupees ($120 million).


"IREDA has the approval ready and we may not be surprised if it comes this week as well, or else they may hit in the first week of January," a banker at the firm said.

Investor demand for longer-duration papers has been robust, and the notes, which have been rated AAA by ICRA and India Ratings, are released at this time.

IREDA has not yet formally announced the problem and did not reply to a comment request from Reuters via email.


Even though it had received bids totaling about 31.70 billion rupees and had a greenshoe option for an additional 10 billion rupees, IREDA had funded 10 billion rupees earlier this month through 10-year notes at a 7.68% yield.

"We were surprised that IREDA did not borrow 20 billion rupees in the previous issue as they are in need of funds," remarked an additional banker.

Thus far in this fiscal year, the business has raised 36.83 billion rupees through the sale of bonds.



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