India new issue-Bharti Telecom to issue multiple tenor bonds

India’s Bharti Telecom plans to raise an aggregate of 45 billion rupees ($553.10 million) through bonds maturing in two and three years, three merchant bankers said on Wednesday.

The telecom operator, which holds a stake in Bharti Airtel, will pay an annual coupon of 8.60% on two-year bonds and 8.70% on three-year papers, the bankers said.

The company aims to raise 13 billion rupees through two-year bonds and 32 billion rupees from three-year notes. It has invited bids from bankers and investors for the same on Friday.

The bonds are rated AA+ by CRISIL and the issue will close for subscription next week.

Earlier this month, the company had raised an aggregate of 70 billion rupees through bonds maturing in two years and three years. Nasdaq