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MUMBAI, Oct 8 (Reuters) - India's Rural Electrification Corp Ltd (REC) is looking to raise 3 billion rupees ($48.51 million) via three-year and five-year bonds, according to a term sheet seen by Reuters.
The planned bond issuance for the secured non-convertible debt is expected to open on Oct. 11 and close the following day, according to the term sheet.
The sale comes after mortgage lender LIC Housing separately plans to raise at least 2 billion rupees in debt, as Indian companies rush to take advantage of a bond rally following a surprise cut in an overnight interest rate on Monday.
$1 = 61.8450 Indian rupees Reporting by Archana Narayanan; Editing by Subhranshu Sahu