India New Issue-Tata AIG General Insurance accepts bids for bond issue - bankers

MUMBAI, Sept 27 (Reuters) - India's Tata AIG General Insurance has accepted bids worth 5.45 billion rupees ($65.5 million) for subordinated bonds maturing in 10 years, two merchant bankers said on Wednesday. The general insurance company will pay an annual coupon of 8.15% on this issue for which it had invited bids on Tuesday, the bankers said. The bond issue will have a call option at the end of five years. In December 2019, Tata AIG raised 1.85 billion rupees through the sale of similar-structured bonds at an 8.85% annual coupon. Here is the list of deals reported so far on Sept. 27 Issuer Tenure Coupon (in %) Issue size (in Bidding Rating bln rupees)* date Tata AIG General 10-yr 8.25 5.45 Sept. 26 AAA (Icra, India Insurance Ratings) 18 mnts 14.50 6.29 To be A+ (Crisil) Edelweiss ARC decided * Size includes base plus greenshoe for some issues ($1 = 83.2480 Indian rupees) (Reporting by Dharamraj Dhutia; Editing by Dhanya Ann Thoppil)