DME Development plans to raise up to 30 bln rupees via bonds next wk

Informist, Thursday, Nov 16, 2023


–Sources: DME Development may tap mkt with 15-year bonds next week

–Sources: DME Development plans up to 30 bln rupees via 15-year bond

By Subhana Shaikh


MUMBAI – DME Development Ltd, a unit of the National Highways Authority of India, plans to raise up to 30 bln rupees by next week through bonds maturing in 15 years, sources involved in the transaction told Informist.


The bond issue is likely to have a base size of 10 bln rupees and a greenshoe option of 20 bln rupees. The bonds will carry a semi-annual coupon, sources said. The issue is likely to open on the electronic bidding platform of BSE on Monday.


The bonds are rated AAA by CRISIL Ratings. SBI Capital Markets is said to be the lead manager for the issue.


According to market participants, the coupon on DME Development's bonds is likely to be in the range of 7.80-7.95%.


The bonds are likely to witness demand from insurance companies and other long-term investors as yields on corporate bonds eased slightly across tenures this week, tracking a fall in government bond yields after the US inflation print for October came in lower than expected.


DME Development was incorporated in August 2020 to develop the 1,277 km Delhi-Mumbai Expressway.


The last time DME Development tapped the corporate bond market was in March when it raised 23.55 bln rupees through 10-year bonds at a semi-annual coupon of 7.89%. 


Several companies and banks are lining up bond issuances to fund the growing requirement for infrastructure amid strong economic activity.  End


Edited by Rajeev Pai


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