IRFC
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Indian state-run firms delay zero-coupon bond sales on demand concerns, bankers say
By Dharamraj Dhutia
MUMBAI, June 16 (Reuters) - Three Indian state-run companies are likely to delay raising funds through deep-discount zero-coupon bonds as investor appetite has weakened, three merchant bankers said.
State-run Indian Railway Finance Corp INID.NS, Housing and Urban Development Corp HUDC.NS and REC RECM.NS were set to test the market but have been advised by their bankers to hold off, they said.
"We have advised companies to wait for at least two to three months, because under the current scenario, there is no appetite for these bonds," one of the bankers said.
The bankers requested anonymity as they are not authorised to speak to media. None of the companies replied to Reuters' emails seeking comment.
Deep-discount bonds are typically issued at a discount of over 20%-25% to their face value and do not pay interest.
Last Monday, Power Finance Corp was forced to withdraw its planned deep-discount bond issue for the second time in under six weeks due to weak demand.
"The recent pickup in yields and escalating geopolitical situation in the Middle East will further sway investors away from these instruments for the time being," said Umesh Khandelwal, chief business officer at bond arranger Tipsons Group.
Refinitiv benchmark AAA-rated 10-year corporate bond yield has risen nearly 20 basis points since the central bank changed its policy stance to "neutral" from "accommodative" on June 6.
Market participants have highlighted concerns of excess supply as the Indian government has approved issuance of such bonds worth 495 billion rupees ($5.6 billion) and more state-run companies are expected to get the go-ahead. The firms have to raise these funds by March 2027.
A lack of liquidity in the secondary market and losses faced by investors of an issuance by REC are also acting as deterrents, traders said.
In September 2024, REC raised 50 billion rupees through deep-discount bonds at a yield of 6.25%.
Companies that have received approval to issue deep-discount bonds:
Company | Approval in billion rupees |
PFC | 100 |
HUDCO | 50 |
IRFC | 100 |
REC | 50 |
NABARD | 195 |
($1 = 86.0400 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, June 16 (Reuters) - Three Indian state-run companies are likely to delay raising funds through deep-discount zero-coupon bonds as investor appetite has weakened, three merchant bankers said.
State-run Indian Railway Finance Corp INID.NS, Housing and Urban Development Corp HUDC.NS and REC RECM.NS were set to test the market but have been advised by their bankers to hold off, they said.
"We have advised companies to wait for at least two to three months, because under the current scenario, there is no appetite for these bonds," one of the bankers said.
The bankers requested anonymity as they are not authorised to speak to media. None of the companies replied to Reuters' emails seeking comment.
Deep-discount bonds are typically issued at a discount of over 20%-25% to their face value and do not pay interest.
Last Monday, Power Finance Corp was forced to withdraw its planned deep-discount bond issue for the second time in under six weeks due to weak demand.
"The recent pickup in yields and escalating geopolitical situation in the Middle East will further sway investors away from these instruments for the time being," said Umesh Khandelwal, chief business officer at bond arranger Tipsons Group.
Refinitiv benchmark AAA-rated 10-year corporate bond yield has risen nearly 20 basis points since the central bank changed its policy stance to "neutral" from "accommodative" on June 6.
Market participants have highlighted concerns of excess supply as the Indian government has approved issuance of such bonds worth 495 billion rupees ($5.6 billion) and more state-run companies are expected to get the go-ahead. The firms have to raise these funds by March 2027.
A lack of liquidity in the secondary market and losses faced by investors of an issuance by REC are also acting as deterrents, traders said.
In September 2024, REC raised 50 billion rupees through deep-discount bonds at a yield of 6.25%.
Companies that have received approval to issue deep-discount bonds:
Company | Approval in billion rupees |
PFC | 100 |
HUDCO | 50 |
IRFC | 100 |
REC | 50 |
NABARD | 195 |
($1 = 86.0400 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
(([email protected];))
IRFC March-Quarter Net Profit 16.82 Bln Rupees
April 28 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
MARCH-QUARTER NET PROFIT 16.82 BILLION RUPEES
MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 67.23 BILLION RUPEES
APPROVED RAISING OF RESOURCES FOR FY 2025-26 UP TO 600 BLN RUPEES
Source text: [ID:]
Further company coverage: INID.NS
(([email protected];;))
April 28 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
MARCH-QUARTER NET PROFIT 16.82 BILLION RUPEES
MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 67.23 BILLION RUPEES
APPROVED RAISING OF RESOURCES FOR FY 2025-26 UP TO 600 BLN RUPEES
Source text: [ID:]
Further company coverage: INID.NS
(([email protected];;))
India New Issue-IRFC accepts bids for 5-year bonds, bankers say
MUMBAI, April 24 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 30 billion rupees ($351.24 million) for bonds maturing in five years, three bankers said on Thursday.
The company will pay an annual coupon of 6.78% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on April 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 5 years | 6.78 | 30 | April 24 | AAA (Crisil, Icra, Care) |
L&T Metro Rail (Hyderabad) | 10 years | To be decided | 28.72 | April 25 | AAA (Crisil) |
Tata Power Renewable Energy | 15 years | To be decided | 10 | April 24 | AA+ (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.4120 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
MUMBAI, April 24 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 30 billion rupees ($351.24 million) for bonds maturing in five years, three bankers said on Thursday.
The company will pay an annual coupon of 6.78% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on April 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 5 years | 6.78 | 30 | April 24 | AAA (Crisil, Icra, Care) |
L&T Metro Rail (Hyderabad) | 10 years | To be decided | 28.72 | April 25 | AAA (Crisil) |
Tata Power Renewable Energy | 15 years | To be decided | 10 | April 24 | AA+ (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.4120 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)
India New Issue-IRFC to issue 5-year bonds, bankers say
MUMBAI, April 23 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($351.96 million), including a greenshoe option of 25 billion rupees, through the sale of bonds maturing in five years, three bankers said on Wednesday.
The company has invited coupon and commitment bids from bankers and investors on Thursday, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on April 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 5 years | To be decided | 5+25 | April 24 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.2380 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
MUMBAI, April 23 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($351.96 million), including a greenshoe option of 25 billion rupees, through the sale of bonds maturing in five years, three bankers said on Wednesday.
The company has invited coupon and commitment bids from bankers and investors on Thursday, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on April 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 5 years | To be decided | 5+25 | April 24 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.2380 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)
Indian state-run firms seek government nod to issue deep-discount, long-tenor debt
Updates throughout
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.
These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.
REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.
REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.
Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.
The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.
For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.
"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.
Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.
"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.
The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.
HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.
($1 = 85.1780 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)
(([email protected];))
Updates throughout
By Khushi Malhotra and Dharamraj Dhutia
MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.
These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.
REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.
REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.
Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.
The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.
For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.
"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.
Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.
"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.
The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.
HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.
($1 = 85.1780 Indian rupees)
(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Savio D'Souza)
(([email protected];))
Indian Railway Finance Corp To Consider Market Borrowing Programme For FY25-26
April 21 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
INDIAN RAILWAY FINANCE CORP LTD - BOARD TO CONSIDER MARKET BORROWING PROGRAMME FOR FY 2025-26
Further company coverage: INID.NS
(([email protected];))
April 21 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
INDIAN RAILWAY FINANCE CORP LTD - BOARD TO CONSIDER MARKET BORROWING PROGRAMME FOR FY 2025-26
Further company coverage: INID.NS
(([email protected];))
Indian Railway Finance Corp Says Madras High Court Sets Aside GST Demand Order Of 2.31 Bln Rupees
April 16 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
MADRAS HIGH COURT SETS ASIDE GST DEMAND ORDER OF 2.31 BILLION RUPEES
Source text: ID:nBSE8gXY1P
Further company coverage: INID.NS
(([email protected];;))
April 16 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
MADRAS HIGH COURT SETS ASIDE GST DEMAND ORDER OF 2.31 BILLION RUPEES
Source text: ID:nBSE8gXY1P
Further company coverage: INID.NS
(([email protected];;))
India New Issue-IRFC accepts bids for 10-year bonds, bankers say
MUMBAI, March 26 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 30 billion rupees ($349.7 million), including a greenshoe option of 25 billion rupees, through the sale of bonds maturing in 10 years and one month, three bankers said on Tuesday.
The company has invited coupon and commitment bids from bankers and investors on Wednesday, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on March 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.17 | 30 | March 26 | AAA (Crisil, Icra, Care) |
HDB Financial | 2 years | To be decided | 2+2 | March 27 | AAA (Crisil, Care) |
HDB Financial | 2 years and 8 months | To be decided | 1+4 | March 27 | AAA (Crisil, Care) |
NaBFID | 10 years | To be decided | 10+20 | March 27 | AAA (Crisil, Icra) |
IndiGrid Infra Trust | 3-year and 6 months | To be decided | 5 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 0.7 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 6.3 | March 26 | AAA (Icra, Crisil) |
Cholamandalam Investment | 2 years | 8.19 | 11.75 | March 25 | AA+ (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.7910 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, March 26 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 30 billion rupees ($349.7 million), including a greenshoe option of 25 billion rupees, through the sale of bonds maturing in 10 years and one month, three bankers said on Tuesday.
The company has invited coupon and commitment bids from bankers and investors on Wednesday, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on March 26:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.17 | 30 | March 26 | AAA (Crisil, Icra, Care) |
HDB Financial | 2 years | To be decided | 2+2 | March 27 | AAA (Crisil, Care) |
HDB Financial | 2 years and 8 months | To be decided | 1+4 | March 27 | AAA (Crisil, Care) |
NaBFID | 10 years | To be decided | 10+20 | March 27 | AAA (Crisil, Icra) |
IndiGrid Infra Trust | 3-year and 6 months | To be decided | 5 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 0.7 | March 26 | AAA (Icra, Crisil) |
IndiGrid Infra Trust | 22 years | To be decided | 6.3 | March 26 | AAA (Icra, Crisil) |
Cholamandalam Investment | 2 years | 8.19 | 11.75 | March 25 | AA+ (Icra, India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 85.7910 Indian rupees)
(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)
Indian Railway Finance Corp Enters Loan Agreement With NTPC REL
March 25 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
IRFC ENTERS LOAN AGREEMENT WITH NTPC REL
LOAN AGREEMENT SIZE IS 50 BILLION RUPEES
Source text: ID:nBSEbnmgjD
Further company coverage: INID.NS
(([email protected];))
March 25 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
IRFC ENTERS LOAN AGREEMENT WITH NTPC REL
LOAN AGREEMENT SIZE IS 50 BILLION RUPEES
Source text: ID:nBSEbnmgjD
Further company coverage: INID.NS
(([email protected];))
IRFC Dividend 0.80 Rupees Per Share
March 17 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
IRFC - DIVIDEND 0.80 RUPEES PER SHARE
Source text: ID:nnAZN3K8HV3
Further company coverage: INID.NS
(([email protected];))
March 17 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
IRFC - DIVIDEND 0.80 RUPEES PER SHARE
Source text: ID:nnAZN3K8HV3
Further company coverage: INID.NS
(([email protected];))
India New Issue-IRFC accepts bids for 15-year bonds, bankers say
MUMBAI, Feb 12 (Reuters) - Indian Railway Finance Corp (IRFC) has accepted bids worth 30 billion rupees ($345.28 million) for bonds maturing in 15 years, three bankers said on Wednesday.
The company will pay an annual coupon of 7.28% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on February 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | 7.28% | 30 | Feb. 12 | AAA (Crisil, Icra, Care) |
Bamboo Hotel and Global Centre | nearly 3 years | To be decided | 5.50+5 | Feb. 13 | Provisional A+(CE)(Icra) |
HDFC Life Insurance | 10 years | To be decided | 9+1 | Feb. 13 | AAA (Icra) |
* Size includes base plus greenshoe for some issues
($1 = 86.8850 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)
MUMBAI, Feb 12 (Reuters) - Indian Railway Finance Corp (IRFC) has accepted bids worth 30 billion rupees ($345.28 million) for bonds maturing in 15 years, three bankers said on Wednesday.
The company will pay an annual coupon of 7.28% on this issue and had invited coupon and commitment bids from bankers and investors earlier in the day, they said.
IRFC did not reply to a Reuters request for comment.
Here is the list of deals reported so far on February 12:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | 7.28% | 30 | Feb. 12 | AAA (Crisil, Icra, Care) |
Bamboo Hotel and Global Centre | nearly 3 years | To be decided | 5.50+5 | Feb. 13 | Provisional A+(CE)(Icra) |
HDFC Life Insurance | 10 years | To be decided | 9+1 | Feb. 13 | AAA (Icra) |
* Size includes base plus greenshoe for some issues
($1 = 86.8850 Indian rupees)
(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)
India New Issue-IRFC to issue 15-year bonds, bankers say
MUMBAI, Feb 10 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($343.17 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 15 years, three bankers said on Monday.
The state-run company has invited coupon and commitment bids from bankers and investors on Wednesday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on February 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | To be decided | 5+25 | Feb. 12 | AAA (Crisil, Icra, Care) |
NABARD Mar 2028 reissue | 3 years 1 month and 11 days | To be decided | 20+30 | Feb. 12 | AAA (Crisil, Icra) |
Aditya Birla Housing Finance | 2 year and 4 months | 7.8989 | 5 | Feb. 10 | AAA (Icra, Crisil) |
Aditya Birla Housing Finance | 3 year and 4 months | 7.8639 | 5 | Feb. 10 | AAA (Icra, Crisil) |
SIDBI | 4 years and 1 month | 7.42 | 60 | Feb. 10 | AAA (Crisil, Care) |
HUDCO | 10 years | 7.29 | 29.10 | Feb. 10 | AAA (India Ratings, Care) |
Cube Highways Trust | 17 years and 11 months | 7.67 (quarterly) | 8.60 | Feb. 10 | AAA (Crisil) |
Aditya Birla Finance | Perpetual | To be decided | 2+3 | Feb. 11 | AA+ (Icra)(Crisil) |
Credila Financial Services | 10 years | 9.00% | 5.50 | Feb. 7 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.4200 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, Feb 10 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($343.17 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 15 years, three bankers said on Monday.
The state-run company has invited coupon and commitment bids from bankers and investors on Wednesday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on February 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | To be decided | 5+25 | Feb. 12 | AAA (Crisil, Icra, Care) |
NABARD Mar 2028 reissue | 3 years 1 month and 11 days | To be decided | 20+30 | Feb. 12 | AAA (Crisil, Icra) |
Aditya Birla Housing Finance | 2 year and 4 months | 7.8989 | 5 | Feb. 10 | AAA (Icra, Crisil) |
Aditya Birla Housing Finance | 3 year and 4 months | 7.8639 | 5 | Feb. 10 | AAA (Icra, Crisil) |
SIDBI | 4 years and 1 month | 7.42 | 60 | Feb. 10 | AAA (Crisil, Care) |
HUDCO | 10 years | 7.29 | 29.10 | Feb. 10 | AAA (India Ratings, Care) |
Cube Highways Trust | 17 years and 11 months | 7.67 (quarterly) | 8.60 | Feb. 10 | AAA (Crisil) |
Aditya Birla Finance | Perpetual | To be decided | 2+3 | Feb. 11 | AA+ (Icra)(Crisil) |
Credila Financial Services | 10 years | 9.00% | 5.50 | Feb. 7 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 87.4200 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
IRFC Dec-Quarter Profit 16.31 Bln Rupees
Jan 20 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
IRFC DEC-QUARTER PROFIT 16.31 BILLION RUPEES
IRFC DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 67.63 BILLION RUPEES
Source text: ID:nBSE9qKKJC
Further company coverage: INID.NS
(([email protected];))
Jan 20 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
IRFC DEC-QUARTER PROFIT 16.31 BILLION RUPEES
IRFC DEC-QUARTER TOTAL REVENUE FROM OPERATIONS 67.63 BILLION RUPEES
Source text: ID:nBSE9qKKJC
Further company coverage: INID.NS
(([email protected];))
India New Issue-IRFC accepts bids for 10-year bonds, bankers say
MUMBAI, Jan 15 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 27.80 billion rupees ($321.54 million) for bonds maturing in 10 years, three bankers said on Wednesday.
The state-run company will pay an annual coupon of 7.25% and had invited coupon and commitment bids from bankers and investors earlier in the day, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Jan. 15
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.25 | 27.80 | Jan. 15 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.4580 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, Jan 15 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 27.80 billion rupees ($321.54 million) for bonds maturing in 10 years, three bankers said on Wednesday.
The state-run company will pay an annual coupon of 7.25% and had invited coupon and commitment bids from bankers and investors earlier in the day, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Jan. 15
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.25 | 27.80 | Jan. 15 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 86.4580 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
Indian Railway Finance Corp Emerges As L1 Bidder For 31.67 Bln Rupees Financing
Jan 14 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
EMERGES AS L1 BIDDER FOR 31.67 BILLION RUPEES FINANCING
PROJECT UNDERTAKEN BY NTPC AND JHARKHAND BIJLI VITRAN NIGAM JV
Source text: ID:nNSE48VMGR
Further company coverage: INID.NS
(([email protected];;))
Jan 14 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
EMERGES AS L1 BIDDER FOR 31.67 BILLION RUPEES FINANCING
PROJECT UNDERTAKEN BY NTPC AND JHARKHAND BIJLI VITRAN NIGAM JV
Source text: ID:nNSE48VMGR
Further company coverage: INID.NS
(([email protected];;))
India New Issue-IRFC accepts bids for 10-year bonds, bankers say
MUMBAI, Dec 24 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 28.40 billion rupees ($333.36 million) for bonds maturing in 10 years, three bankers said on Tuesday.
The state-run company will pay an annual coupon of 7.15% and invited coupon and commitment bids from bankers and investors earlier in the day, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.15 | 28.40 | Dec. 24 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.1930 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Abinaya Vijayaraghavan)
MUMBAI, Dec 24 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 28.40 billion rupees ($333.36 million) for bonds maturing in 10 years, three bankers said on Tuesday.
The state-run company will pay an annual coupon of 7.15% and invited coupon and commitment bids from bankers and investors earlier in the day, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 24:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.15 | 28.40 | Dec. 24 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 85.1930 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Abinaya Vijayaraghavan)
India New Issue-IRFC to issue 10-year bonds, bankers say
MUMBAI, Dec 23 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($353.01 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 10 years, three bankers said on Monday.
The state-run company has invited coupon and commitment bids from bankers and investors on Tuesday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | To be decided | 5+25 | Dec. 24 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 84.9830 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
MUMBAI, Dec 23 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) plans to raise 30 billion rupees ($353.01 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 10 years, three bankers said on Monday.
The state-run company has invited coupon and commitment bids from bankers and investors on Tuesday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 23:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | To be decided | 5+25 | Dec. 24 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 84.9830 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)
India New Issue-IRFC accepts bids for 10-year bonds, bankers say
MUMBAI, Dec 13 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 23.45 billion rupees ($276.33 million) for bonds maturing in 10 years, three bankers said on Friday.
The state-run company will pay an annual coupon of 7.09% on the issue and invited coupon and commitment bids from bankers and investors on Thursday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.09 | 23.45 | Dec. 12 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.8620 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Abinaya Vijayaraghavan)
MUMBAI, Dec 13 (Reuters) - Indian Railway Finance Corp INID.NS (IRFC) has accepted bids worth 23.45 billion rupees ($276.33 million) for bonds maturing in 10 years, three bankers said on Friday.
The state-run company will pay an annual coupon of 7.09% on the issue and invited coupon and commitment bids from bankers and investors on Thursday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 13:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.09 | 23.45 | Dec. 12 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.8620 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Abinaya Vijayaraghavan)
India New Issue-IRFC to issue 10-year bonds, bankers say
MUMBAI, Dec 11 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS plans to raise 30 billion rupees ($353.45 million), including a greenshoe option of 25 billion rupees, by selling bonds maturing in 10 years, three bankers said on Wednesday.
The state-run company has invited coupon and commitment bids from bankers and investors for the issue on Thursday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | To be decided | 5+25 | Dec. 12 | AAA (Crisil, Icra) |
NABARD | 5 year and 5 months | To be decided | 30+40 | Dec. 12 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.8770 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Abinaya Vijayaraghavan
)
MUMBAI, Dec 11 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS plans to raise 30 billion rupees ($353.45 million), including a greenshoe option of 25 billion rupees, by selling bonds maturing in 10 years, three bankers said on Wednesday.
The state-run company has invited coupon and commitment bids from bankers and investors for the issue on Thursday, the bankers said.
The company did not immediately reply to a Reuters request seeking comment.
Here is the list of deals reported so far on Dec. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | To be decided | 5+25 | Dec. 12 | AAA (Crisil, Icra) |
NABARD | 5 year and 5 months | To be decided | 30+40 | Dec. 12 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.8770 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Abinaya Vijayaraghavan
)
India New Issue-IRFC accepts bids for 15-year bonds, bankers say
MUMBAI, Nov 11 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 14.15 billion rupees ($167.7 million) for bonds maturing in 15 years, three bankers said on Monday.
The state-run company will pay an annual coupon of 7.15% on this issue and had invited bids from bankers and investors for the issue earlier in the day, the bankers said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Nov. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | 7.15 | 14.15 | Nov. 11 | AAA (Crisil, Icra) |
Cholamandalam Investment | 10 years | 8.50 | 11 | Nov. 8 | AA+ (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.3775 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K)
MUMBAI, Nov 11 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 14.15 billion rupees ($167.7 million) for bonds maturing in 15 years, three bankers said on Monday.
The state-run company will pay an annual coupon of 7.15% on this issue and had invited bids from bankers and investors for the issue earlier in the day, the bankers said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Nov. 11:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | 7.15 | 14.15 | Nov. 11 | AAA (Crisil, Icra) |
Cholamandalam Investment | 10 years | 8.50 | 11 | Nov. 8 | AA+ (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.3775 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K)
India New Issue-IRFC to issue 15-year bonds, bankers say
MUMBAI, Nov 8 (Reuters) - Indian Railway Finance Corp INID.NS plans to raise 30 billion rupees ($355.80 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 15 years, three bankers said on Wednesday.
The state-run company has invited bids from bankers and investors for the issue on Monday, the bankers said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Nov. 8
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | To be decided | 5+25 | Nov. 11 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.3180 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
MUMBAI, Nov 8 (Reuters) - Indian Railway Finance Corp INID.NS plans to raise 30 billion rupees ($355.80 million), including a greenshoe option of 25 billion rupees, selling bonds maturing in 15 years, three bankers said on Wednesday.
The state-run company has invited bids from bankers and investors for the issue on Monday, the bankers said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on Nov. 8
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 15 years | To be decided | 5+25 | Nov. 11 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 84.3180 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)
Indian Railway Finance Corp Sept-Qtr Profit 16.13 Bln Rupees
Nov 4 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
INDIAN RAILWAY FINANCE CORP SEPT-QUARTER PROFIT 16.13 BILLION RUPEES
INDIAN RAILWAY FINANCE CORP SEPT-QUARTER TOTAL INCOME 69 BILLION RUPEES
Source text: ID:nBSEbZx2kM
Further company coverage: INID.NS
(([email protected];;))
Nov 4 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
INDIAN RAILWAY FINANCE CORP SEPT-QUARTER PROFIT 16.13 BILLION RUPEES
INDIAN RAILWAY FINANCE CORP SEPT-QUARTER TOTAL INCOME 69 BILLION RUPEES
Source text: ID:nBSEbZx2kM
Further company coverage: INID.NS
(([email protected];;))
Indian Railway Finance Corp Says Government Names Manoj Kumar Dubey As Chairman, MD, And CEO
Oct 9 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
GOVERNMENT NAMES MANOJ KUMAR DUBEY AS CHAIRMAN, MD, AND CEO
Source text for Eikon: ID:nBSE3Jh18t
Further company coverage: INID.NS
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Oct 9 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
GOVERNMENT NAMES MANOJ KUMAR DUBEY AS CHAIRMAN, MD, AND CEO
Source text for Eikon: ID:nBSE3Jh18t
Further company coverage: INID.NS
(([email protected];;))
Indian Railway Finance Corp Approves Financing Of 20 BOBR Rakes To NTPC For Up To 7 Bln Rupees
Oct 8 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
APPROVED FINANCING OF 20 BOBR RAKES TO NTPC FOR UP TO 7 BILLION RUPEES
Source text for Eikon: ID:nBSE7FV27m
Further company coverage: INID.NS
(([email protected];;))
Oct 8 (Reuters) - Indian Railway Finance Corp Ltd INID.NS:
APPROVED FINANCING OF 20 BOBR RAKES TO NTPC FOR UP TO 7 BILLION RUPEES
Source text for Eikon: ID:nBSE7FV27m
Further company coverage: INID.NS
(([email protected];;))
India New Issue-IRFC accepts bids for 10-year bonds, bankers say
MUMBAI, Aug 28 (Reuters) - Indian Railway Finance Corp INID.NS has accepted bids worth 29 billion rupees ($345.4 million)for bonds maturing in 10 years, three bankers said on Wednesday.
The state-run company had invited bids from bankers and investors for the issue earlier in the day.
Here is the list of deals reported so far on Aug. 28:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.25 | 29 | Aug 28 | AAA (Crisil, Icra) |
JSW Steel | 5 years | 8.35 | 17.5 | Aug 29 | AA (Icra) |
JSW Steel | 7 years | 8.43 | 5 | Aug 29 | AA (Icra) |
IIFCL | 10 years | To be decided | 5+4.6 | Aug 29 | AAA (India Ratings) |
Data Infrastructure Trust | 10 years | Not yet decided | 18.50 | Aug 29 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 83.9510 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Savio D'Souza)
MUMBAI, Aug 28 (Reuters) - Indian Railway Finance Corp INID.NS has accepted bids worth 29 billion rupees ($345.4 million)for bonds maturing in 10 years, three bankers said on Wednesday.
The state-run company had invited bids from bankers and investors for the issue earlier in the day.
Here is the list of deals reported so far on Aug. 28:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.25 | 29 | Aug 28 | AAA (Crisil, Icra) |
JSW Steel | 5 years | 8.35 | 17.5 | Aug 29 | AA (Icra) |
JSW Steel | 7 years | 8.43 | 5 | Aug 29 | AA (Icra) |
IIFCL | 10 years | To be decided | 5+4.6 | Aug 29 | AAA (India Ratings) |
Data Infrastructure Trust | 10 years | Not yet decided | 18.50 | Aug 29 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 83.9510 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Savio D'Souza)
India New Issue-IRFC to issue 10-year bonds, bankers say
MUMBAI, Aug 23 (Reuters) - Indian Railway Finance Corp INID.NS plans to raise up to 30 billion rupees ($357.72 million), including a greenshoe of 25 billion rupees, through bonds maturing in 10 years, three bankers said on Friday.
The state-run company has invited bids from bankers and investors for the issue on Wednesday, they said.
Here is the list of deals reported so far on Aug. 23
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | To be decided | 5+25 | Aug. 28 | AAA (Crisil, Icra) |
REC | 2 years and 9 months | 7.4847 (yield) | 26.75 | Aug 23 | AAA (Crisil, India Ratings |
REC | 15 years and 1 month | 7.31 | 21.45 | Aug 23 | AAA (Crisil, India Ratings |
Canara Bank | perpetual | To be decided | 10+20 | Aug 27 | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.8920 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia)
MUMBAI, Aug 23 (Reuters) - Indian Railway Finance Corp INID.NS plans to raise up to 30 billion rupees ($357.72 million), including a greenshoe of 25 billion rupees, through bonds maturing in 10 years, three bankers said on Friday.
The state-run company has invited bids from bankers and investors for the issue on Wednesday, they said.
Here is the list of deals reported so far on Aug. 23
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | To be decided | 5+25 | Aug. 28 | AAA (Crisil, Icra) |
REC | 2 years and 9 months | 7.4847 (yield) | 26.75 | Aug 23 | AAA (Crisil, India Ratings |
REC | 15 years and 1 month | 7.31 | 21.45 | Aug 23 | AAA (Crisil, India Ratings |
Canara Bank | perpetual | To be decided | 10+20 | Aug 27 | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.8920 Indian rupees)
(Reporting by Bhakti Tambe and Dharamraj Dhutia)
India New Issue-IRFC accepts bids for 5-year bonds, bankers say
MUMBAI, July 29 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 29.60 billion rupees ($353.5 million) for bonds maturing in five years, three bankers said on Monday.
The state-run company has set a coupon of 7.37% on this issue. It had invited bids from bankers and investors for the issue earlier in the day.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 5 years | 7.37 | 29.60 | July 29 | AAA (Icra, Crisil) |
Cholamandalam Investment | 6 years and 11 months | To be decided | 20 | July 30 | AA+ (India Ratings, Icra) |
IIFCL | 15 years | To be decided | 5+9.75 | July 30 | AAA (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.7290 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Savio D'Souza)
MUMBAI, July 29 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has accepted bids worth 29.60 billion rupees ($353.5 million) for bonds maturing in five years, three bankers said on Monday.
The state-run company has set a coupon of 7.37% on this issue. It had invited bids from bankers and investors for the issue earlier in the day.
Here is the list of deals reported so far on July 29:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 5 years | 7.37 | 29.60 | July 29 | AAA (Icra, Crisil) |
Cholamandalam Investment | 6 years and 11 months | To be decided | 20 | July 30 | AA+ (India Ratings, Icra) |
IIFCL | 15 years | To be decided | 5+9.75 | July 30 | AAA (India Ratings) |
*Size includes base plus greenshoe for some issues
($1 = 83.7290 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Savio D'Souza)
India New Issue-IRFC to issue 5-year bonds, bankers say
MUMBAI, July 25 (Reuters) - Indian Railway Finance Corp INID.NS plans to raise up to 30 billion rupees ($358.38 million), including a greenshoe of 25 billion rupees, through bonds maturing in five years, three bankers said on Thursday.
The state-run company has invited bids from bankers and investors for the issue on Monday, they said.
Here is the list of deals reported so far on July 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Indian Railway Finance Corp | 5 years | To be decided | 5+25 | July 29 | AAA (Icra, Crisil) |
Delhi International Airport | 10 years | 9.50 | 25.13 | July 24 | AA- (Icra, India Ratings) |
Godrej Properties | 3 years and 6 months | To be decided | 5+5 | July 25 | AA+ (India Ratings) |
Godrej Properties | 5 years | To be decided | 1+2.4 | July 25 | AA+ (India Ratings) |
Bajaj Finance | 5 years | 7.98 | 2.5 + 7.5 | July 30 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 83.7110 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Janane Venkatraman
)
MUMBAI, July 25 (Reuters) - Indian Railway Finance Corp INID.NS plans to raise up to 30 billion rupees ($358.38 million), including a greenshoe of 25 billion rupees, through bonds maturing in five years, three bankers said on Thursday.
The state-run company has invited bids from bankers and investors for the issue on Monday, they said.
Here is the list of deals reported so far on July 25:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Indian Railway Finance Corp | 5 years | To be decided | 5+25 | July 29 | AAA (Icra, Crisil) |
Delhi International Airport | 10 years | 9.50 | 25.13 | July 24 | AA- (Icra, India Ratings) |
Godrej Properties | 3 years and 6 months | To be decided | 5+5 | July 25 | AA+ (India Ratings) |
Godrej Properties | 5 years | To be decided | 1+2.4 | July 25 | AA+ (India Ratings) |
Bajaj Finance | 5 years | 7.98 | 2.5 + 7.5 | July 30 | AAA (Crisil) |
* Size includes base plus greenshoe for some issues
($1 = 83.7110 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Janane Venkatraman
)
EXCLUSIVE-India's Modi departs from privatisation plans, will overhaul state-run firms, sources say
India plans to set 5-yr performance targets for state firms
To focus on unlocking value, higher dividends from state firms
Dividends from state firms likely to surpass $5.8 bln in 24/25
Privatisation faces challenges after reduced electoral majority
Minority stake sale in state firms can fetch $137 bln: CareEdge
By Nikunj Ohri and Manoj Kumar
NEW DELHI, July 12 (Reuters) - India plans to overhaul more than 200 state-run firms to make them more profitable, signalling a departure from Prime Minister Narendra Modi's aggressive privatisation programme that has struggled to take off, government sources said.
The programme to privatise a major portion of India's lumbering $600 billion state sector announced in 2021, had slowed ahead of the general election in April-May and now faces more resistance after Modi lost his majority in parliament and had to rely on coalition allies to return to office.
Expected to be unveiled as part of the annual budget on July 23 by Finance Minister Nirmala Sitharaman, the new plans include selling large parcels of underutilised land owned by these companies and monetisation of other assets, said two officials who are aware of the policy. Some aspects are yet to be fine-tuned, they added.
The aim is to raise $24 billion in the current April-March fiscal year and re-invest the funds in the companies, while setting five-year performance and production targets for each company, instead of short-term targets.
The plans to overhaul state firms have not been reported previously.
The officials declined to be identified as they were not authorised to speak on confidential deliberations.
The finance ministry did not respond to requests for comment.
In an interim budget presented before the election, the government did not provide any figures on stake sales for the first time in more than a decade.
"The government is shifting focus from indiscriminate asset sales to enhancing intrinsic value of state-owned companies," said one of the officials.
Among other plans, the government intends to introduce succession planning in majority-owned companies alongside a proposal to train 230,000 managers across firms to prepare them for senior roles, the officials said.
Currently, the government appoints top executives in state-owned companies.
The government is likely to implement a plan that includes training of managers, professional recruitment to company boards and incentives for high performance from the 2025/26 fiscal year, with the expectation that increased autonomy would make companies more competitive.
The 2021 announcement to sell most state-run companies included two banks, one insurance company and firms in steel, energy and pharmaceutical sectors besides closure of loss-making companies.
But India has been able to only complete the sale of debt-ridden Air India to the Tata Group, while rolling back plans to sell some others. Only a 3.5% stake in LIC has been sold besides shares in few other companies.
Hardeep Puri, India's oil minister, said last week a plan to sell state-owned Bharat Petroleum Corp BPCL.NS was no longer on the table as the company was making almost as much profit in a year as the price it was to be sold for.
Sunil Sinha, chief economist at India Ratings, the local arm of Fitch ratings agency, said the sale of government companies, marred by allegations of "selling family silver" at a cheaper price, would be difficult to push after Modi's reduced majority in parliament.
"This (privatisation) can actually snowball into a political slugfest...recouping it may become very difficult and they may have to pay a political price for it."
BOOMING MARKET
Despite hurdles in privatisation and stake sales, the overall market valuation of state-run firms has more than doubled in the past one year on hopes of reforms in the sector.
The BSE PSU index .BSEPSU, which tracks state-owned companies, has surged over 100% in the last one year, outperforming the benchmark BSE Index's .BSESN 22% rise.
"We find the valuations of many PSU stocks to be quite bizarre, when compared with their fundamentals," Sanjeev Prasad of Kotak Institutional Equities said in a note.
"Some of these companies will require extraordinary assumptions and a massive turnaround in their operations (and financials) to justify their current market caps."
But the government views the market's response as a mark of investor confidence, said a senior official at the NMDC NMDC.NS, India's state-run iron ore company.
Looking ahead, the government expects its reforms would translate into higher profits and, subsequently, increased returns for the state, the official said.
State firms were expected to pay substantially higher dividends to the government, compared to earlier estimates of 480 billion rupees ($5.8 billion) in 2024/25, said the second government source.
Analysts however said India risked missing the opportunity to cash in on the booming valuations of state companies.
The government could raise about 11.5 trillion rupees ($137.75 billion) at current market capitalisation by selling minority stakes in state-owned companies, while maintaining 51% stake, CareEdge Ratings said in a note last week.
"The conclusion of the election season, combined with stock market hovering around all-time highs, provides a perfect opportunity to advance some significant divestment initiatives," said Rajani Sinha, chief economist, CareEdge Ratings.
($1 = 83.5320 Indian rupees)
Dividend payout of India's state-run firms have more than doubled since 2014-15 https://reut.rs/4cxwPxx
India's public sector firms rise twice as much as Sensex over last five years https://reut.rs/4cUYqIF
(Additional reporting by Sarita Chaganti Singh in NEW DELHI, Jatindra Dash in BHUBANESWAR; Graphics by Bharat Rajeswaran; Editing by Raju Gopalakrishnan)
(([email protected]; +919810286200; Twitter:@manojgulnar;))
India plans to set 5-yr performance targets for state firms
To focus on unlocking value, higher dividends from state firms
Dividends from state firms likely to surpass $5.8 bln in 24/25
Privatisation faces challenges after reduced electoral majority
Minority stake sale in state firms can fetch $137 bln: CareEdge
By Nikunj Ohri and Manoj Kumar
NEW DELHI, July 12 (Reuters) - India plans to overhaul more than 200 state-run firms to make them more profitable, signalling a departure from Prime Minister Narendra Modi's aggressive privatisation programme that has struggled to take off, government sources said.
The programme to privatise a major portion of India's lumbering $600 billion state sector announced in 2021, had slowed ahead of the general election in April-May and now faces more resistance after Modi lost his majority in parliament and had to rely on coalition allies to return to office.
Expected to be unveiled as part of the annual budget on July 23 by Finance Minister Nirmala Sitharaman, the new plans include selling large parcels of underutilised land owned by these companies and monetisation of other assets, said two officials who are aware of the policy. Some aspects are yet to be fine-tuned, they added.
The aim is to raise $24 billion in the current April-March fiscal year and re-invest the funds in the companies, while setting five-year performance and production targets for each company, instead of short-term targets.
The plans to overhaul state firms have not been reported previously.
The officials declined to be identified as they were not authorised to speak on confidential deliberations.
The finance ministry did not respond to requests for comment.
In an interim budget presented before the election, the government did not provide any figures on stake sales for the first time in more than a decade.
"The government is shifting focus from indiscriminate asset sales to enhancing intrinsic value of state-owned companies," said one of the officials.
Among other plans, the government intends to introduce succession planning in majority-owned companies alongside a proposal to train 230,000 managers across firms to prepare them for senior roles, the officials said.
Currently, the government appoints top executives in state-owned companies.
The government is likely to implement a plan that includes training of managers, professional recruitment to company boards and incentives for high performance from the 2025/26 fiscal year, with the expectation that increased autonomy would make companies more competitive.
The 2021 announcement to sell most state-run companies included two banks, one insurance company and firms in steel, energy and pharmaceutical sectors besides closure of loss-making companies.
But India has been able to only complete the sale of debt-ridden Air India to the Tata Group, while rolling back plans to sell some others. Only a 3.5% stake in LIC has been sold besides shares in few other companies.
Hardeep Puri, India's oil minister, said last week a plan to sell state-owned Bharat Petroleum Corp BPCL.NS was no longer on the table as the company was making almost as much profit in a year as the price it was to be sold for.
Sunil Sinha, chief economist at India Ratings, the local arm of Fitch ratings agency, said the sale of government companies, marred by allegations of "selling family silver" at a cheaper price, would be difficult to push after Modi's reduced majority in parliament.
"This (privatisation) can actually snowball into a political slugfest...recouping it may become very difficult and they may have to pay a political price for it."
BOOMING MARKET
Despite hurdles in privatisation and stake sales, the overall market valuation of state-run firms has more than doubled in the past one year on hopes of reforms in the sector.
The BSE PSU index .BSEPSU, which tracks state-owned companies, has surged over 100% in the last one year, outperforming the benchmark BSE Index's .BSESN 22% rise.
"We find the valuations of many PSU stocks to be quite bizarre, when compared with their fundamentals," Sanjeev Prasad of Kotak Institutional Equities said in a note.
"Some of these companies will require extraordinary assumptions and a massive turnaround in their operations (and financials) to justify their current market caps."
But the government views the market's response as a mark of investor confidence, said a senior official at the NMDC NMDC.NS, India's state-run iron ore company.
Looking ahead, the government expects its reforms would translate into higher profits and, subsequently, increased returns for the state, the official said.
State firms were expected to pay substantially higher dividends to the government, compared to earlier estimates of 480 billion rupees ($5.8 billion) in 2024/25, said the second government source.
Analysts however said India risked missing the opportunity to cash in on the booming valuations of state companies.
The government could raise about 11.5 trillion rupees ($137.75 billion) at current market capitalisation by selling minority stakes in state-owned companies, while maintaining 51% stake, CareEdge Ratings said in a note last week.
"The conclusion of the election season, combined with stock market hovering around all-time highs, provides a perfect opportunity to advance some significant divestment initiatives," said Rajani Sinha, chief economist, CareEdge Ratings.
($1 = 83.5320 Indian rupees)
Dividend payout of India's state-run firms have more than doubled since 2014-15 https://reut.rs/4cxwPxx
India's public sector firms rise twice as much as Sensex over last five years https://reut.rs/4cUYqIF
(Additional reporting by Sarita Chaganti Singh in NEW DELHI, Jatindra Dash in BHUBANESWAR; Graphics by Bharat Rajeswaran; Editing by Raju Gopalakrishnan)
(([email protected]; +919810286200; Twitter:@manojgulnar;))
India New Issue-IRFC sets 7.39% coupon for 10-year bonds, bankers say
MUMBAI, July 11 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has set a 7.39% coupon for bonds maturing in 10 years, three bankers said on Thursday.
The state-run company has accepted bids worth 30 billion rupees ($359.2 million) and had invited bids from bankers and investors earlier in the day, they said.
Here is the list of deals reported so far on July 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.39 | 30 | July 11 | AAA (Crisil, Icra) |
Vedanta | 15 months | Spread over 1-month OIS | 10 | July 10 | AA- (Crisil) |
Bajaj Housing Finance | 10 years | To be decided | 3.5+25 | July 12 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 83.5310 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)
MUMBAI, July 11 (Reuters) - Indian Railway Finance Corp (IRFC) INID.NS has set a 7.39% coupon for bonds maturing in 10 years, three bankers said on Thursday.
The state-run company has accepted bids worth 30 billion rupees ($359.2 million) and had invited bids from bankers and investors earlier in the day, they said.
Here is the list of deals reported so far on July 10:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
IRFC | 10 years | 7.39 | 30 | July 11 | AAA (Crisil, Icra) |
Vedanta | 15 months | Spread over 1-month OIS | 10 | July 10 | AA- (Crisil) |
Bajaj Housing Finance | 10 years | To be decided | 3.5+25 | July 12 | AAA (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 83.5310 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)
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What does Indian Railway Fin. do?
Indian Railway Finance Corporation Limited (IRFC) is the market borrowing arm of Indian Railways, financing rolling stock and infrastructure assets, as well as lending to entities under Ministry of Railways, Government of India.
Who are the competitors of Indian Railway Fin.?
Indian Railway Fin. major competitors are JIO Financial Serv., Power Finance Corp, Chola Invest & Fin., Shriram Finance, REC, Muthoot Finance, SBI Cards AndPayment. Market Cap of Indian Railway Fin. is ₹1,81,129 Crs. While the median market cap of its peers are ₹1,27,028 Crs.
Is Indian Railway Fin. financially stable compared to its competitors?
Indian Railway Fin. seems to be less financially stable compared to its competitors. Altman Z score of Indian Railway Fin. is 1.72 and is ranked 4 out of its 8 competitors.
Does Indian Railway Fin. pay decent dividends?
The company seems to pay a good stable dividend. Indian Railway Fin. latest dividend payout ratio is 30.57% and 3yr average dividend payout ratio is 30.8%
How strong is Indian Railway Fin. balance sheet?
Latest balance sheet of Indian Railway Fin. is strong. Strength was visible historically as well.
Is the profitablity of Indian Railway Fin. improving?
Yes, profit is increasing. The profit of Indian Railway Fin. is ₹6,502 Crs for TTM, ₹6,413 Crs for Mar 2024 and ₹6,168 Crs for Mar 2023.
Is Indian Railway Fin. stock expensive?
Yes, Indian Railway Fin. is expensive. Latest PE of Indian Railway Fin. is 27.86, while 3 year average PE is 15.42. Also latest Price to Book of Indian Railway Fin. is 3.44 while 3yr average is 1.99.
Has the share price of Indian Railway Fin. grown faster than its competition?
Indian Railway Fin. has given lower returns compared to its competitors. Indian Railway Fin. has grown at ~-21.63% over the last 1yrs while peers have grown at a median rate of 11.41%
Is the promoter bullish about Indian Railway Fin.?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Indian Railway Fin. is 86.36% and last quarter promoter holding is 86.36%.
Are mutual funds buying/selling Indian Railway Fin.?
The mutual fund holding of Indian Railway Fin. is decreasing. The current mutual fund holding in Indian Railway Fin. is 0.21% while previous quarter holding is 0.24%.