India’s Bharat Sanchar Nigam Ltd plans to raise around 85 billion rupees ($1.03 billion) by selling 10-year government-guaranteed bonds next week, according to two merchant bankers on Thursday. This will help BSNL in reviving its business.
The Telecom company will likely invite coupon and commitment bids for the same on Dec. 21 and will pay a semi-annual coupon for this issue, they said, which was reported by ETTelecom.
The union government of India has provided the notes unconditional and irrevocable guarantee. CRISIL has rated the notes AAA (CE).
In November, another state-run telecom operator Mahanagar Telephone Nigam raised 27.58 billion rupees through a similar-structured bond at a 7.87% semi-annual coupon.
In September 2020, BSNL will issue 10-year bonds with a semi-annual coupon of 6.79% to raise 85 billion rupees.
