BSNL invites bids to raise up to Rs 42 billion via 10-year government-guaranteed bonds

Bharat Sanchar Nigam Limited (BSNL) has invited bids to raise up to Rs 42 billion through the Government of India-guaranteed bonds, maturing in 10 years. The issue consists of a Rs 5 billion ($60.54 million) base issue and Rs 37 billion in greenshoe options. As per the term sheet of the issue by the operator, the proceeds will be utilised to pay the principal amount and interest on the debt. The notes are rated AAA (CE) by CRISIL and India Ratings and Research Private Limited, and carry an unconditional and irrevocable guarantee from the central government. BSNL had previously raised Rs 85 billion through 10-year bonds at a semi-annual coupon of 6.79 per cent, in September 2020.