This means investors need to fork out some basis points for the privilege of holding sovereign debt.
The bond issue will be of Rs 1,000 crore with a greenshoe option of another Rs 2,000 crore.
The company is said to be one of the top ten dividend-paying companies in India, having paid Rs 10,530 crore (Rs 271 per share) in FY19.
RBI has slashed the rate by 135 bps since February, helping lower the absolute yields.
These papers offered 8 per cent yield on a three-year maturity.
Altico’s asset sales could immediately fetch at least Rs 2,000 crore, market sources said.
Altico Capital had early last month said it defaulted on an interest payment to Mashreq Bank.
The homegrown rating agency has hired external hands to examine whether there were lapses on its part.
State Bank of India has Wednesday reduced its marginal cost based lending rate (MCLR) by 10 basis points across all tenors with effect from October 10, making it the bank's sixth cut in MCLR in FY20.
The company has begun to hold overseas roadshows wooing global investors to local markets.
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