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Gujarat Elec Board in Rs 5-bn bond issue

India's Gujarat Electricity Board will issue secured non-convertible debentures to raise up to Rs 5 billion shortly, merchant bankers to the issue said on Tuesday.

The issue size is Rs 2 billion, with a greenshoe option to retain a further Rs 3 billion, they said. The issue will be through a private placement, they said.

The debentures have a seven-year maturity with put/call options at the end of five years. The coupon is 14 per cent.

The issue is unrated and does not carry a guarantee.

Allianz Securities Ltd, A K Capital, Centrum Finance, RR Financial Consultants, and GSFC Capital and Securities are the lead arrangers to the issue.

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