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MUMBAI (Reuters) – India’s Shriram Finance plans to raise $500 million through the sale of dollar-denominated bonds maturing in three years and six months, two merchant bankers said on Tuesday.
The shadow lender has provided an initial guidance of 6.50% for the coupon and has received bids worth over $1 billion so far, the bankers added.
The coupon would be finalised later in the day or early on Wednesday, they said.
The bankers requested to not be named as they are not authorized to speak to the media.
Barclays, BNP Paribas, Citigroup, DBS Bank, Deutsche Bank, Emirates NBD Bank, HSBC, JP Morgan, MUFG, SMBC Nikko and Standard Chartered are the lead managers for the issue.
The senior notes will be rated BB by S&P and Fitch, in line with the issuer’s rating.
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)