MANKIND

**Morgan Stanley initiates Torrent Pharma TORP.NS with "Equal-weight" and PT of 4,580 rupees; and Mankind Pharma MNKI.NS with "Overweight" and PT of 2,500 rupees

**Brokerage says both the Indian pharma companies are long-term compounding franchises supported by chronic therapies, pricing, and new launches

**However, brokerage prefers MNKI on earnings recovery potential and scaling of BSV unit, plus supportive valuations

**Says TORP's growth and synergy potential already reflected in current valuations after recent re-rating

**Expects MNKI to have revenue growth at a CAGR of 11% from FY26 to FY28

**Sees TORP and JB Chemicals merger to have cost synergies of 3 billion rupees ($31.82 million) and 4.5 billion rupees in FY28 and FY29, respectively

**Shares of Torrent Pharma TORP.NS down 0.8% at 4,265 rupees, while Mankind Pharma MNKI.NS flat at 2,024 rupees

**YTD, TORP up 11.2%; MNKI down 7.6%

($1 = 94.2730 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

By Rishika Sadam

HYDERABAD, March 19 (Reuters) - India's market for diabetes and weight-loss drugs is set for a shake-up as Danish drugmaker Novo Nordisk's NOVOb.CO patent on semaglutide expires this week, triggering a wave of cheaper generics from local drugmakers and worries about uneven oversight in an overcrowded market.

More than 40 Indian firms are expected to launch over 50 brands within weeks, analysts and doctors said, widening access in a price-sensitive market, but also raising concerns about misuse and confusion among prescribers as costs fall sharply.

Sun Pharma SUN.NS, Mankind Pharma MNKI.NS, Dr. Reddy's REDY.NS, Zydus ZYDU.NS, Lupin LUPN.NS and Alkem ALKE.NS are among the companies expected to launch generic versions of semaglutide, the active ingredient in Novo's diabetes drug Ozempic and weight-loss treatment Wegovy.

"With high demand, falling prices and multiple brands, you may see direct pharmacy purchases, distributor-level leakages, or cosmetic or lifestyle use especially in urban markets," said Salil Kallianpur, an independent analyst.

"This could lead to misuse, poor titration and unmanaged side effects and eventually regulatory tightening."

India's drug regulator did not respond to a request for comment. Semaglutide is a prescription drug, but enforcement in India has often been uneven, with doctors and pharmacists playing a key gatekeeping role.

The entry of generics will also challenge Novo and U.S. rival Eli Lilly LLY.N, which launched blockbuster diabetes and obesity drugs in India last year, as they seek to cement their position in the country.

Lilly's Mounjaro became India's top-selling drug by value within months of launch, according to data from Pharmarack, a research firm.

India, the world's most populous nation, has the second-highest number of adults with diabetes after China and could have more than 440 million overweight or obese people by 2050, according to The Lancet, a medical journal, and the International Diabetes Federation.

India's obesity drug market could grow to 80 billion rupees ($856.6 million) by 2030 from about 15 billion rupees today, according to Pharmarack estimates.

EYES ON THE PRICE

Indian generic drugmakers, known globally for producing low-cost medicines, are expected to price their generics at discounts of at least 50% to 60%.

Analysts say monthly prices for the lowest dose could fall from about 11,000 rupees to 3,000 to 5,000 rupees as early generics arrive and eventually to around 1,500 to 2,500 rupees, expanding access beyond a niche urban elite.

"I will consult my doctor to check if I can move to using a generic version, as that appears to be lighter on the pocket," said 32-year-old Vishal, a tech worker from Hyderabad, who is considering a switch from Wegovy.

Many other patients in India's out-of-pocket market have also begun enquiring about cheaper options, some of which are expected to launch as soon as Saturday, the day after Novo's patent expires.

"The price range being quoted is broadly 2,500 to 3,500 rupees, which is quite low," said bariatric surgeon Venugopal Pareek. Six of his patients are waiting for generic versions to switch from Novo or Lilly drugs.

Lower prices are expected to expand the patient pool.

"Onboarding of patients from lower economic strata may happen on branded generics," said Sheetal Sapale, commercial vice president at Pharmarack, noting that company profits would depend on pricing discipline.

Novo and Lilly did not immediately respond to Reuters requests for a comment.

DOCTORS' CHOICE

Even as prices fall, analysts say the winner in the market will depend not just on cost, but also on doctor confidence.

India's pharmaceutical market is heavily driven by physician prescriptions and uptake will depend on doctors' familiarity and confidence in individual brands.

An initial glut of products is likely to overwhelm prescribers, analysts said, with uneven experiences and aggressive marketing.

Many generic drugmakers are opting for brand names that incorporate "sema," which could also add to confusion.

Over time, analysts expect doctors' trust to consolidate around a handful of players offering reliable supply, quality delivery devices and consistent outcomes.

"Weaker players with poor quality and no differentiation will likely exit within two to three years," Kallianpur said.

(Reporting by Rishika Sadam; Editing by Dhanya Skariachan and Thomas Derpinghaus)

(([email protected];))

March 18 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - BUYS RIVOTRIL BRAND FROM ROCHE FOR INDIA

• MANKIND PHARMA - BUYS EXCLUSIVE RIGHTS TO MANUFACTURE, MARKET AND DISTRIBUTE RIVOTRIL IN INDIA

Source text: ID:nNSE4BvRfv

Further company coverage: MNKI.NS

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Feb 26 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - TAX PENALTY OF 10.2 MILLION RUPEES DROPPED

Source text: ID:nBSE5Lhcbn

Further company coverage: MNKI.NS

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Feb 16 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - TAX PENALTY OF 4.6 MILLION RUPEES DROPPED

Source text: ID:nBSE6Fryr5

Further company coverage: MNKI.NS

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Feb 9 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - SEARCH AND SEIZURE/INSPECTION OPERATION CONDUCTED BY GST DEPARTMENT AT BHARAT SERUMS AND VACCINES

• MANKIND PHARMA - UNIT OPERATIONS CONTINUED AS USUAL DURING INSPECTION

• MANKIND PHARMA - OPERATION CONDUCTED FROM FEBRUARY 03 TO FEBRUARY 08, 2026

• MANKIND PHARMA - BUSINESS OPERATIONS OF BSV CONTINUED AS USUAL DURING SEARCH

Source text: ID:nBSE5vjTMb

Further company coverage: MNKI.NS

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Feb 3 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA Q3 CONSOL NET PROFIT 4.09 BILLION RUPEES

• MANKIND PHARMA Q3 CONSOL REVENUE FROM OPERATIONS 35.67 BILLION RUPEES

Source text: [ID:]

Further company coverage: MNKI.NS

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Aug 19 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• WHOLLY OWNED SUBSIDIARY HAS BEEN INCORPORATED IN RUSSIA

Source text: [ID:]

Further company coverage: MNKI.NS

(([email protected];;))

July 24 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• INCORPORATES WHOLLY OWNED SUBSIDIARY IN SRI LANKA

Source text: ID:nBSEqYRCl

Further company coverage: MNKI.NS

(([email protected];;))

** Shares of Mankind Pharma MNKI.NS rise 4.75% to 2664.4 rupees

** Jefferies reiterates "buy" and hikes price target to 3,000 rupees from 2,870 rupees, implying an upside of 19%

** Jefferies' new price target is the third highest among the 16 analysts covering the stock

** Brokerage sees earnings and growth recovery ahead as Mankind emerges from nine challenging months of core business reorganization and Bharat Serums & Vaccines (BSV) integration

** Expects growth to normalize in the second half of the fiscal 2026 and says valuations remain attractive

** Forecasts fiscal 2027 to be even stronger than FY2026 and estimates 1.5x growth in Indian pharmaceutical market (IPM)

** The average rating of 16 analysts tracking MNKI is "buy"; median PT is 2,730 rupees, according to data compiled by LSEG

** MNKI shares are down 11.7% in 2025 so far, underperforming the 4.7% drop in pharma index .NIPHARM, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Updates paragraph 1, adds details on Novo Nordisk and Eli Lilly

June 26 (Reuters) - India's drug regulator on Thursday approved the launch of pre-filled injector pens of Eli Lilly's LLY.N blockbuster weight-loss drug, Mounjaro, giving the company more options to compete with rival Novo Nordisk's NOVOb.CO recently launched Wegovy.

India, the world's most populous country, has high obesity rates and the second-highest number of people with type 2 diabetes. Around 11% of Indian adults are expected to become obese by 2035, according to the World Obesity Federation Atlas.

Here are the local and international drugmakers also eyeing the Indian market and looking to introduce rivals to Lilly's drug:

NOVO NORDISK

The Danish drugmaker launched its blockbuster weight-loss drug Wegovy in India on June 24, three months after Eli Lilly began marketing its rival product Mounjaro.

The active ingredient in Wegovy is semaglutide, which is likely to go off-patent in 2026 in India.

Wegovy and Lilly's Mounjaro belong to the same class of treatments called GLP-1 agonists, which soared into popularity globally triggering a shortage of supply.

GLP-1 drugs mimic a gut hormone that helps control blood sugar levels and slow digestion, making people feel fuller for longer.

ELI LILLY

Lilly started selling Mounjaro in India in late March for diabetes and obesity, beating rival Novo to the market. The doses available were 2.5 mg and 5 mg vials.

On Thursday, Mounjaro KwikPen - for once-weekly use - was approved by the Central Drugs Standard Control Organization for six dose strengths of 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg and 15 mg.

SUN PHARMA

Sun Pharmaceutical SUN.NS, India's largest drugmaker by revenue, is developing its own GLP-1 treatment, utreglutide, for weight loss and type 2 diabetes.

The drugmaker said earlier this month it expects to launch the drug in the next four to five years.

BIOCON

Indian drugmaker Biocon BION.NS is developing its own version of Novo's Wegovy, as the drug is set to lose exclusivity next year in emerging markets such as India, Brazil, Mexico, and Saudi Arabia.

ZYDUS LIFESCIENCES

India's Zydus Lifesciences ZYDU.NS is developing the generic version of Semaglutide and plans on launching the drug after its patent expires in India.

CIPLA

Cipla CIPL.NS, India's third-largest drugmaker by sales, is among the Indian drugmakers making cheaper versions of Novo's Wegovy.

Cipla has also said it is open to partnering with Lilly to market Mounjaro in India.

DR. REDDY'S

India's Dr. Reddy's REDY.NS has said it plans to launch generic versions of Semaglutide in all the markets as Novo's patent expires.

LUPIN

India's Lupin LUPN.NS is another generic drugmaker looking to grab a share of the burgeoning obesity treatment market with its own version of Novo's Wegovy.

NATCO, MANKIND PHARMA, AUROBINDO PHARMA

Media reports say India's Natco Pharma NATP.NS, Mankind Pharma MNKI.NS, Aurobindo Pharma ARBN.NS are also developing cheaper versions of Novo's Wegovy.

Reuters was not able to independently verify the reports.

(Reporting by Mariam Sunny and Puyaan Singh in Bengaluru; Editing by Maju Samuel)

(([email protected];))

May 14 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• TAX AUTHORITY RAISES ADDITIONAL TAX DEMAND OF 763 MILLION RUPEES

Source text: ID:nNSE2VC4dZ

Further company coverage: MNKI.NS

(([email protected];;))

April 14 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• TO INCORPORATE WHOLLY OWNED SUBSIDIARY IN RUSSIA

• TO INCORPORATE WHOLLY OWNED SUBSIDIARY FOR CSR ACTIVITIES

Source text: ID:nBSE5RPMT8

Further company coverage: MNKI.NS

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March 28 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA LTD - IT AUTHORITY RAISES ADDITIONAL TAX DEMAND OF 1.83 BILLION RUPEES

Source text: ID:nNSE22LSCf

Further company coverage: MNKI.NS

(([email protected];))

March 20 (Reuters) - Eli Lilly LLY.N on Thursday launched in India its diabetes and weight-loss drug, Mounjaro, which has already clocked in over $20 billion in global sales since its initial U.S. launch in 2022.

India, the world's most populous country, has high obesity rates and the second-highest number of people with type 2 diabetes. Around 11% of Indian adults are expected to become obese by 2035, according to the World Obesity Federation Atlas.

Here are the local and international drugmakers also eyeing the Indian market and looking to introduce rivals to Lilly's drug:

NOVO NORDISK

The Danish drugmaker NOVOb.CO had said it aims to launch its blockbuster weight-loss drug, Wegovy, in India by 2026.

The active ingredient in Wegovy is semaglutide, which is likely to go off-patent in 2026 in India.

Wegovy and Lilly's Mounjaro belong to the same class of treatments called GLP-1 agonists, which soared into popularity globally triggering a shortage of supply. GLP-1 drugs mimic a gut hormone that helps control blood sugar levels and slow digestion, making people feel fuller for longer.

SUN PHARMA

Sun Pharmaceutical SUN.NS, India's largest drugmaker by revenue, is developing its own GLP-1 treatment, utreglutide, for weight loss and type 2 diabetes.

The drugmaker said earlier this month it expects to launch the drug in the next four to five years.

BIOCON

Indian drugmaker Biocon BION.NS is developing its own version of Novo's Wegovy, as the drug is set to lose exclusivity next year in emerging markets such as India, Brazil, Mexico, and Saudi Arabia.

ZYDUS LIFESCIENCES

India's Zydus Lifesciences ZYDU.NS is developing the generic version of Semaglutide and plans on launching the drug after its patent expires in India.

CIPLA

Cipla CIPL.NS, India's third-largest drugmaker by sales, is among the Indian drugmakers making cheaper versions of Novo's Wegovy.

Cipla has also said it is open to partnering with Lilly to market Mounjaro in India.

DR. REDDY'S

India's Dr. Reddy's REDY.NS has said it plans to launch generic versions of Semaglutide in all the markets as Novo's patent expires.

LUPIN

India's Lupin LUPN.NS is another generic drugmaker looking to grab a share of the burgeoning obesity treatment market with its own version of Novo's Wegovy.

NATCO, MANKIND PHARMA, AUROBINDO PHARMA

Media reports say India's Natco Pharma NATP.NS, Mankind Pharma MNKI.NS, Aurobindo Pharma ARBN.NS are also developing cheaper versions of Novo's Wegovy.

Reuters was not able to independently verify the reports.

(Reporting by Mariam Sunny in Bengaluru; Editing by Maju Samuel)

(([email protected];))

** Shares of India's Mankind Pharma MNKI.NS drop as much as 5.3% to 2,168.20 rupees; last down 1.4%

** Stock on track for third straight session of decline

** Drugmaker says it received tax demand worth 1.12 billion rupees ($13 million) from the income tax department

** Trading volume at more than 694,000 shares, same as 30-day moving average

** Average rating of 14 analysts on MNKI at "buy"; median PT is 2,828.50 rupees - data compiled by LSEG

** Stock down 22% YTD vs 15% drop in the pharma index .NIPHARM

($1 = 87.3675 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Feb 28 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA LTD - INCOME TAX DEPARTMENT RAISES ADDITIONAL TAX DEMAND OF 1.12 BILLION RUPEES

• MANKIND PHARMA LTD - BELIEVES TAX DEMAND IS NOT TENABLE IN LAW

• MANKIND PHARMA LTD - DOES NOT EXPECT MATERIAL IMPACT ON FINANCIALS OR OPERATIONS

• MANKIND PHARMA LTD - TO PURSUE APPEAL AGAINST INCOME TAX ORDER

Source text: ID:nBSE7Hh9mP

Further company coverage: MNKI.NS

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Feb 27 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - NCLT APPROVES AMALGAMATION OF SHREE JEE LAB, JPR LABS, JASPACK WITH CO

Source text: ID:nNSE3WY0QT

Further company coverage: MNKI.NS

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Jan 24 - ** Shares of India's Mankind Pharma MNKI.NS fall 2.2% to 2,487.15 rupees, their lowest level in nearly three months

** Co reported lower-than-expected Q3 profit on Thursday due to a sharp rise in expenses

** Estimates missed due to higher interest outgo in the quarter, says Motilal Oswal

** Adds, weakness in acute therapy segment led to co's underperformance over Indian pharma market (IPM) sales growth in Dec. quarter

** MNKI says the $1.6-billion acquisition of Bharat Serums and Vaccines also led to rise in costs and hurt quarterly results

** Analysts' average rating on stock at "buy", median PT is 2,852.50 rupees

** Stock down 8.5% so far in January, on track for biggest monthly decline since May 2024

** Pharma index .NIPHARM has lost 6.2% in January so far

(Reporting by Vivek Kumar M)

(([email protected]))

Jan 23 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• Q3 CONSOL NET PROFIT 3.8 BILLION RUPEES; IBES PROFIT EST. 4.48 BILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 32.3 BILLION RUPEES; IBES EST. 32.28 BILLION RUPEES

Source text: [ID:]

Further company coverage: MNKI.NS

(([email protected];;))

** Shares of Mankind Pharma MNKI.NS shed ~4% to 2,601.60 rupees

** Macquarie downgrades stock to "underperform", cuts PT to 2,150 rupees from 2,300 rupees

** Macquarie's PT second-lowest on Street - LSEG

** MNKI's domestic formulations business hurt due to slower growth in acute therapies, which makes up ~60% of MNKI's revenue, Macquarie says

** Adds, while management expects strong growth and improved profitability from Bharat Serums and Vaccines acquisition in near term, brokerage highlights uncertainty over execution

** Brokerage says BSV acquisition would add to revenue growth but would weigh on profit growth

** Significant margin expansion from BSV acquisition is challenging due to lower gross margins and different selling channel for BSV's products - Macquarie

** Analysts' average rating on MNKI at "buy"; median PT is 2,852.50 rupees - LSEG data

(Reporting by Kashish Tandon in Bengaluru)

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Jan 15 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - GOT TAX ORDER FOR PENALTY OF 22.8 MILLION RUPEES

Source text: ID:nNSE3NLZ8y

Further company coverage: MNKI.NS

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Jan 7 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• REMAINING 56.31% SHARES OF BHARAT SERUMS AND VACCINES PLEDGED IN FAVOUR OF CATALYST TRUSTEESHIP

Source text: ID:nBSE4Hw2Y5

Further company coverage: MNKI.NS

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Dec 26 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• ONYX BIOTEC - COMPLETION OF AUDIT OF DRY POWDER INJECTION BY MANKIND PHARMA

Source text: [ID:]

Further company coverage: MNKI.NS

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Nov 22 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• GETS GST ORDER WITH PENALTY OF 29.1 MILLION RUPEES

Source text: ID:nBSE39nB57

Further company coverage: MNKI.NS

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** Shares of Mankind Pharma MNKI.NS rise as much as 5.9% to a record high of 2,874 rupees

** The drugmaker posted a better-than-expected 30% rise in Q2 profit, aided by strong demand for its drugs to treat long-term illnesses, including diabetes and cardiovascular diseases

** Healthy regional mix, improving acute-chronic ratio, and growing consumer healthcare business, to drive MNKI's rev, analysts at Antique Stock Broking said

** MNKI continues to deliver better growth rate than the industry- Motilal Oswal

** More than 754,000 shares change hands, 2.3x its 30-day avg

** At least 8 of 14 analysts covering stock raised PT post Q2 results, while avg rating remains "buy"; median PT is 2,838.5 rupees - LSEG data

** Stock up 39% so far this year vs a 36% rise in Nifty pharma index .NIPHARM

(Reporting by Ashna Teresa Britto in Bengaluru)

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Oct 17 (Reuters) - Mankind Pharma Ltd MNKI.NS:

• MANKIND PHARMA - ISSUES SERIES OF COMMERCIAL PAPERS WORTH UPTO 30 BILLION, 5 BILLION, 15 BILLION RUPEES

Source text for Eikon: ID:nBSE2DNpdw

Further company coverage: MNKI.NS

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Updates paragraph 10 with responses from bankers

By Dharamraj Dhutia and Bhakti Tambe

MUMBAI, Oct 15 (Reuters) - Indian mutual funds were large buyers for a maiden bond issue from Mankind Pharma MNKI.NS, three bankers, including one directly involved in the deal, said on Tuesday.

Mankind Pharma raised an aggregate of 50 billion rupees ($595.2 million) by selling bonds maturing in 18 months, two years, and in three years and one month.

The company will use the funds for the acquisition of Bharat Serums and Vaccines, the bankers said.

The bonds are rated 'AA+' by rating agencies.

In July, Mankind Pharma said it would acquire Bharat Serums and Vaccines for an enterprise value of around 136.30 billion rupees, with the majority of the deal being funded through debt.

ICICI Prudential Life Insurance, HDFC Life Insurance, SBI Life Insurance, SBI Asset Management, ICICI Asset Management, UTI Asset Management, HDFC Asset Management, Aditya Birla Sun Life Mutual Fund and Axis Asset Management were among the anchor investors, the bankers said.

Mankind Pharma and these companies did not respond to Reuters' request for comments.

"Selective high-quality corporate debentures, rated 'AA' and above, are in strong demand," said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.

Mankind Pharma will pay a coupon of 7.99% each on the shorter duration papers and 7.97% on the above three-year bonds. The coupons will be payable on a semi-annual basis.

Deutsche Bank and Barclays were the arrangers for the bond issue. Both the bankers declined to comment.

($1 = 84.0070 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Sumana Nandy and Sonia Cheema)

(([email protected]))

MUMBAI, Oct 9 (Reuters) - India's Mankind Pharma MNKI.NS plans to raise 50 billion rupees ($595.82 million) through a sale of bonds maturing in 18 months, two years, and in three years and one month, three bankers said on Wednesday.

It will pay a coupon of 7.99% each on the shorter duration papers and 7.97% on the above three-year bonds, and the coupon would be payable on a semi-annual basis.

It has invited bids from bankers and investors for the issue on Monday, the bankers said.

Some mutual funds and insurance companies are anchor investors across the three options, bankers added.

Here is the list of deals reported so far on Oct. 9:

*Size includes base plus greenshoe for some issues

($1 = 83.9180 Indian rupees)

(Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by Sonia Cheema)

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