MUMBAI Oct 19 India's L&T Shipbuilding has
finalised terms for its 25 billion rupees ($470.59 million)
dual-tranche bond sale and has picked two arrangers, two sources
with direct knowledge of the plans said on Friday.
The unit of Larsen & Toubro will raise 12 billion
rupees through 5-year bonds with a call option after the third
and fourth years at 8.95 percent, the sources said.
Axis Bank and HDFC Bank are the arrangers to this tranche,
with 6 billion rupees each, they said.
The shipbuilder will sell 13 billion in longer tenure
15-year bonds with 11- to 15-year separately tradable and
redeemable principal parts (STRPP), and a call option after the
10th year at 9.10 percent.
Axis Bank is the sole arranger for this tranche.
The bonds are locally rated AAA (SO) on the back of a
guarantee from parent Larsen & Toubro.
($1 = 53.1250 Indian rupees)
(Reporting by Archana Narayanan)