India's L&T Shipbuilding aims to raise $472.01 million in debt

MUMBAI Wed Oct 17, 2012 5:00am EDT

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MUMBAI (Reuters) - India's L&T Shipbuilding aims to raise 25 billion rupees ($472.01 million) via a two-tranche bond sale, three sources with direct knowledge of the plan said on Wednesday.

The unit of Larsen & Toubro (LART.NS) aims to sell 5-year bonds with a call option after the third and fourth years, the sources added.

The shipbuilder is also looking to sell 15-year bonds with 11- to 15-year separately tradable and redeemable principal parts (STRPP), and a call option after the 10th year.

Banks have to submit quotes by Wednesday, the sources said. ($1 = 52.9650 Indian rupees)

(Reporting by Archana Narayanan; Editing by Subhranshu Sahu)

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