India's Indel Money readies its biggest ever public sale of debt, bankers say

MUMBAI: Indiwa’s Indel Money is planning to raise as much as 5 billion rupees ($52.47 million) later this month in what would be its biggest public issue of debt, merchant bankers say.

Here are a few details of the issue, according to a termsheet seen by Reuters:

Indel Money aims to raise at least 2.50 billion rupees through public issue, which includes a similar greenshoe option.

The company will issue bonds maturing in 400 days, two-years, three-years and six years, with a monthly and a cumulative coupon payment option.

The coupons on these instruments will range from 9.00% to 11.50%, with the cumulative yield for the six-year papers at 12.25%, and the principal amount more than doubling till the maturity.

The company will also sell five-year bonds with only monthly payment option and a coupon of 11.00%.

Indian rupee weakness cushioned by central bank intervention, shorts grow wary

The bonds are rated A- by India Ratings and will close for subscription on August 31.

This would be the biggest public debt issue by the firm, surpassing its previous 3 billion rupees raised last fiscal year.

So far in fiscal 2027, only six companies have raised around 17.42 billion rupees through public issue of such bonds, sharply lower than the more than 42 billion rupees raised in the first four months of fiscal 2026.