India's Capri Global eyes debut dollar debt sale, starts procedure, bankers say
- The company should finalise the pricing on the issue before the end of this week
MUMBAI: India’s Capri Global Capital will become the latest entity to debut in the foreign currency debt market, with plans to raise funds through U.S. dollar denominated bonds, two merchant bankers said on Monday.
The non-banking finance company will aim to raise funds through bonds with a maturity of three years and three months and has lined up calls with investors on Tuesday.
The company should finalise the pricing on the issue before the end of this week, the bankers added.
The bankers requested anonymity as they are not authorized to speak to media. Capri Global Capital did not reply to a Reuters email seeking comment.
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“The company may target around $300 million, but if the demand is strong, we could not rule out a benchmark size issue of $500 million,” one of the bankers said.
In April, Capri Global Capital had raised five billion rupees ($53.03 million) through a public issue of debt.
Earlier this financial year, Managing Director Rajesh Sharma had said the company, which has assets under management of around 300 billion rupees ($3.18 billion), will look to increase the share of capital market borrowings on its books and will focus more on bond issuances this year.
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Currently, capital markets comprise around 20% of the company’s total borrowings, and Capri aims to raise that share to around 40%-50%, the MD had added.
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