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Srei Intl opens bonds for Rs 300 million

Indian financial services firm Srei International Finance Ltd on Monday launched a private placement of non-convertible debentures to raise Rs 300 million, debt dealers said.

The bonds are guaranteed by a Netherlands-based development finance company, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, a company rated AAA by international rating agency, Standard and Poor's.

The bonds have a maturity of 10 years from the deemed date of allotment. The deemed date of allotment is August 1, dealers said.

The book-building yield band is 8.80-9.95 per cent. The coupon will be payable quarterly, on fixed dates, based on the deemed date of allotment.

The bonds can be redeemed in 16 equal instalments starting from the end of 30th month after the deemed date of allotment.

The bonds are rated AAA(SO) by the Credit Rating Information Services of India Ltd.

J M Morgan Stanley Pvt Ltd is the sole arranger to the issue.

The issue proceeds will be used to finance infrastructure projects across the country.

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