Godrej Seeds and Genetics aims to raise 20 billion rupees ($229 million) through the sale of shorter-term debt, and the bonds would be issued in separately transferable principal component (STRPP), the bankers said.
The STRPP bonds will have a term of three to four years.
The company did not respond to an email from Reuters seeking comment, while the bankers requested anonymity because they are not authorized to speak to the media.
The company, which is now into seed and agriculture trading businesses, came up with its maiden bond issue in July, having raised Rs 20 billion through the sale of STRPP bonds with maturities ranging from two years and nine months to three years and six months.
It followed a fresh STRPP debt issuance and raised Rs 10 billion through STRPP bonds with maturities of three years and three months and three years and six months at an annual coupon of 7.99%. The bonds are rated AA by Crisil and the company could complete fundraising before the end of October. “The ratings continue to reflect the strong financial flexibility derived from GSGL’s position as the holding company of Godrej Consumer Products, the flagship of the Godrej group,” the rating agency said in its note.
($1 = 87.8950 Indian Rupees)
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