Steel Authority of India raises 3 bln rupees via bonds | business | Hindustan Times
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Steel Authority of India raises 3 bln rupees via bonds

Steel Authority of India on Thursday raised 3 billion rupees through bonds, two sources with knowledge of the deal said on Friday.

business Updated: Aug 14, 2009 12:50 IST

Steel Authority of India on Thursday raised 3 billion rupees through bonds, two sources with knowledge of the deal said on Friday.

The company sold 15-year bonds, having a call option exercisable at the end of the twelfth year, at a cut-off yield of 8.70 percent. This is at the top end of the 8.50-8.70 percent range at which bids were invited. Interest will be paid annually.

The bonds are rated 'AAA' by Fitch and CARE.

The issue aimed to raise a minimum 3 billion rupees and pay-in is scheduled for August 18. Allotment is scheduled for August 25.