MTNL and ICICI Home Finance to Raise ₹956 Crore via Bonds on March 5, Amid Robust Market Activity

20 Mar 2024 , 11:58 PM

Mahanagar Telephone Nigam Ltd (MTNL) and ICICI Home Finance plan to issue bonds totaling ₹956 Crore on March 5. MTNL aims to raise ₹556 Crore, including ₹356 Crore through a 10-year government of India’s guaranteed bonds, with a greenshoe option.

ICICI Home Finance plans to raise ₹400 Crore, including ₹100 Crore through 2-year-11-month-27-day bonds, also with a greenshoe option.

Bidding for MTNL’s bonds will occur from 10:30 AM to 12 PM, and ICICI Home Finance’s bonds will be open for bidding from 10:30 AM to 11:30 AM on the BSE’s electronic bidding platform.

The pay-in date for both bonds is scheduled for March 6, involving the exchange of bonds and money between issues and investors.

MTNL’s bonds are rated ‘AAA’ with a ‘Stable’ outlook by CARE and India Ratings, while ICICI Home Finance’s bonds hold a ‘AAA’ rating with a ‘Stable’ outlook from CRISIL and CARE.

During the bidding for ICICI Home Finance’s bonds, the minimum application size is set at ₹1 Crore and in multiples of ₹1 lakh thereafter. Similarly, for MTNL bonds, the minimum application size is ₹1 lakh, with multiples of ₹1 lakh.

On March 1, SBFC Finance, Hinduja Housing Finance, Aliens Developers Pvt Ltd, and Vadodara Municipal Corporation collectively raised ₹357 Crore through bonds. Vadodara Municipal Corporation secured ₹100 Crore through green municipal bonds maturing in five years at a coupon rate of 7.90%, with the bonds auctioned on BSE’s electronic bidding platform.

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