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Shadow lender Cholamandalam Investment and Finance Co. will raise 50 billion rupees ($518 million) through a floating-rate bond, according to people familiar with the matter, the largest such local currency debt sale by an Indian financier.
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The note, due in February 2029, is being solely arranged by Axis Bank Ltd., the people said, asking not to be identified as the terms are not public. The coupon is linked to three-month Treasury bills, they said, adding that the spread is expected to be around 275 basis points over the benchmark.
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Sales of floating-rate notes have picked up in recent sessions as investors seek protection from surging yields in a debt market pummeled by rising inflation risks tied to the Iran war-driven energy price spike. The coupon on these bonds increases when rates rise.
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Cholamandalam did not immediately respond to an emailed query seeking comment.
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Mahindra & Mahindra Financial Services Ltd. raised 22 billion rupees on Monday, while Tata Capital Ltd. and ICICI Home Finance Ltd. are seeking bids for floaters amounting to as much as 46.5 billion rupees on Wednesday.
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Cholamandalam plans to seek bids for its offering as early as next week, the people said. The Chennai-based firm’s loans grew 25% in the quarter ended March from a year earlier, and profit jumped 30% to 16.4 billion rupees for the period.
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