BSNL to raise $290.3 million via government-guaranteed bonds

Bharat Sanchar Nigam Ltd plans to raise Rs 24.06 billion, which includes a greenshoe option of Rs 18.01 billion, through a sale of two separate 10-year government-guaranteed bonds, three merchant bankers said on Monday. The state-run telecom company has invited coupon and commitment bids from bankers and investors on Tuesday, the bankers added. The issue through which BSNL targets to raise up to 8 billion rupees will have a call option at end of 8 years. The notes are rated AAA (CE) by Crisil and carry an unconditional and irrevocable guarantee from the union government. Reuters