India's REC sees strong demand in subordinated bond sale-traders

MUMBAI Wed May 22, 2013 5:54am EDT

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MUMBAI May 22 (Reuters) - India's Rural Electrification Corp Ltd has attracted strong demand for its subordinate bond sale, with bids of over 25 billion rupees ($452.20 million), said three traders with knowledge of the deal.

The state-run firm has set a coupon of 8.06 percent for its 10-year unsecured subordinate bonds, compared with the company's senior bonds of a similar tenure that are trading at 8.01 percent, they added.

Rural Electrification is aiming to raise at least 5 billion rupees via the bond sale. ($1 = 55.2850 Indian rupees) (Reporting by Archana Narayanan; Editing by Rafael Nam)

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