BSNL to issue two 10-year govt-guaranteed bonds

BSNL plans to raise 24.06 billion rupees ($290.3 million), which includes a greenshoe option of 18.01 billion rupees, through a sale of two separate 10-year government-guaranteed bonds, three merchant bankers said on Monday. The state-run telecom company has invited coupon and commitment bids from bankers and investors on Tuesday, the bankers added. The issue through which BSNL targets to raise up to 8 billion rupees will have a call option at end of 8 years. The notes are rated AAA (CE) by Crisil and carry an unconditional and irrevocable guarantee from the union government.