Cholamandalam Investment accepts bids for 3-year bonds - traders

India's Cholamandalam Investment and Finance Co CHOLAFIN has accepted bids worth 6.05 billion rupees ($73.69 million) for bonds maturing in three years, three merchant bankers said on Friday.

The non-banking finance company will pay an annual coupon of 8.30% on this issue, and had invited commitment bids from bankers and investors earlier in the day, they said.

The notes are rated AA+ by CARE Ratings and the issue will close for subscription next week.

Earlier this week, the company raised 2.90 billion rupees each selling subordinated bonds maturing in 10 years at an annual coupon of 8.65%.

($1 = 82.1000 Indian rupees)