India's REC garners at least 12.5 bln rupees via tax-free bonds - sources

MUMBAI Mon Aug 26, 2013 5:05am EDT

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MUMBAI Aug 26 (Reuters) - India's Rural Electrification Corp Ltd (REC) has garnered at least 12.5 billion rupees ($195.28 million) through a private placement of tax-free bonds, three sources with direct knowledge of the deal said.

The bidding for bonds are on multiple price based auction, with funds being raised at 100.01 for 10-year tax-free bonds and at 100.05 for 15-year bonds, they said.

The firm did not get any bids for the 20-year tranche. ($1 = 64.0100 Indian rupees) (Reporting by Archana Narayanan; Editing by Prateek Chatterjee)

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