Bharat Sanchar Nigam Limited (BSNL) has invited bids to raise up to Rs 42 billion through government of India-guaranteed bonds maturing in 10 years. The total size of the issue consists of a Rs 5 billion ($60.54 million) base issue and Rs 37 billion in greenshoe. As per the term sheet of the issue by the operator, the proceeds will be utilised to pay the principal amount and interest on debt.
The operator has invited bids from investors and merchant bankers on December 21, 2022, between 1030 and 1200 IST on Bombay Stock Exchange’s (BSE’s) electronic platform. Qualified institutional buyers (QIBs) and any non-QIB investor including arrangers, who are eligible to participate in the issue through an electronic book mechanism of BSE, are eligible investors for this issue.
The notes are rated AAA (CE) by CRISIL and India Ratings and Research Private Limited, and carry an unconditional and irrevocable guarantee from the union government. BSNL has previously raised Rs 85 billion through 10-year bonds at a semi-annual coupon of 6.79 per cent in September 2020.
