D-St to see 11 companies, 2 banks floating bonds to raise Rs 13,530 cr today

bonds

Around 11 companies and two banks plan to float bond issues on September 26 to raise up to Rs 13,530 crore.

Those up for the Bond Street include Canara Bank, Punjab National Bank, L&T Finance and Poonawala Housing Finance. Around Rs 3,000 crore of the projected mop-up will be raised by National Bank for Agriculture and Rural Development (NABARD) and Punjab National Bank. While NABARD will issue 60-month bonds, PNB will float Basel-III compliant Additional Tier-I bonds.

Canara Bank plans to raise Rs 5,000 crore, which includes Rs 4,000 crore in a greenshoe option through infrastructure bonds maturing in 10 years or on September 27.

Kotak Mahindra Investments and L&T Finance plans to raise up to Rs 200 crore each through bonds. Waisl Ltd to raise Rs 700 crore from 72-month bonds and Tata AIG General Insurance to raise up to Rs 545 crore.

Bidding for all these bond will take place on September 26 on the electronic bidding platform of the BSE and National Stock Exchange of India (NSE).

Bonds of Canara Bank has been rated 'AAA' by CARE ratings and India ratings, and NABARD bonds were rated 'AAA' by CRISIL and ICRA.

Similarly, Punjab National Bank bonds are rated 'AA+' with 'Stable' outlook by India Ratings and Research and CARE ratings.