Chola Investment to raise Rs 1,500 cr via bond issue

economictimes.indiatimes.com:

Cholamandalam Investment and Finance is set to raise funds worth up to ₹1,500 crore through a public issue of bonds, with the sale likely to open on July 28 and close on August 10. The issue has a base size of ₹500 crore and a greenshoe option of ₹1,000 crore, sources aware of the development said.

The fund-raising is likely to be carried through bonds of three sets of maturities — 22 months, 37 months and 60 months. The face value of the bonds would likely be ₹1,000 and the securities are rated AA+ by India Ratings and Care, sources said, adding that AK Capital Services was the lead manager to the issue.

The firm is likely to offer 8.25%, 8.30% and 8.40% for the 22-month, 37-month and 60-month papers, respectively, for all segments of investors. The allocation ratio is as follows: 30% for qualified institutional buyers, 25% for the corporate segment, 25% for the high net-worth individual segment, and 20% for the retail segment, the sources said.

In April, the firm announced its maiden public issue of non-convertible debentures worth up to ₹1,000 crore.NABARD RAISES FUNDS Separately, the National Bank for Agricultural and Rural Development (Nabard) on Thursday raised funds worth ₹3,555 crore through bonds, sources said. The financial institution raised the funds through the reissue of August 2026 bonds at a yield of 7.55%, sources said.