India's Indel Money readies its biggest ever public sale of debt, bankers say
MUMBAI: Indiwa’s Indel Money is planning to raise as much as 5 billion rupees ($52.47 million) later this month in what would be its biggest public issue of debt, merchant bankers say. Here are a few details of the issue, according to a termsheet seen by Reuters: Indel Money aims to raise at least 2.50 billion rupees through public issue, which includes a similar greenshoe option. The company…
Mumbai-based Indel Money is poised to launch its largest-ever public debt sale later this month, raising up to 5 billion rupees ($52.47 million), according to merchant bankers. The company aims to raise a minimum of 2.50 billion rupees through a public issue, which may include a greenshoe option. The bonds being issued will mature in varying time frames, ranging from 400 days to six years, with multiple coupon payment options.
Coupon rates for these bonds will vary between 9.00% and 11.50%. The yield on the six-year papers is projected at 12.25%, with the principal amount increasing significantly over time. Additionally, five-year bonds with only monthly payment options and a 11.00% coupon are also part of the sale. These bonds are rated A- by India Ratings and will have a subscription deadline of August 31.
This issuance will surpass the previous record of 3 billion rupees raised last fiscal year and is part of a broader trend, as only six companies have raised a total of 17.42 billion rupees through public bond issues in fiscal 2027, compared to over 42 billion rupees raised in the first four months of fiscal 2026.
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