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.