GAIL (India) to issue 5-year bonds - traders

GAIL (India) Ltd GAIL plans to raise at least 10 billion rupees ($121.46 million) through issuance of bonds maturing in five years, three merchant bankers said on Friday.

The company has invited coupon and commitment bids from bankers and investors for the issue on Dec. 16, they said.

The bonds are rated AAA by India Ratings and CARE Ratings, and the issue will close for subscription on Dec. 20.

The issue has a greenshoe option to retain an additional 15 billion rupees.

($1 = 82.3310 Indian rupees)