India New Issue Apollo Tyres accepts bids for multiple tenor bonds

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An employee works inside the warehouse at the Apollo Super Zone showroom in Mumbai October 8, 2013. India's Apollo Tyres Ltd and Cooper Tire & Rubber Co are at odds over whether Apollo can reduce the price for its proposed takeover of the U.S. firm, the latest hurdle in a deal beset by lawsuits and labour issues. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS)

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MUMBAI, Sept 12 (Reuters) - India's Apollo Tyres (APLO.NS) has accepted bids worth an aggregate of 5 billion rupees ($62.87 million) for bonds maturing in 15 months as well as five years, three merchant bankers said on Monday.

The company will pay an annual coupon of 6.93% for 15-month bonds and 7.53% for five-year bonds and had invited bids from bankers and investors earlier in the day, they said.

The bonds are rated AA+ by CRISIL and will close for subscription later this week.

($1 = 79.5300 Indian rupees)

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Reporting by Dharamraj Lalit Dhutia; Editing by Neha Arora

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