Mumbai: Air India Assets Holding (AIAHL), a special purpose vehicle formed by the government of India to acquire the non-core assets of Air India (AIL) and its subsidiaries among other things, is set to hit the non-convertible debentures (NCD) market on Thursday to raise upto Rs. 7,000 crore through 10-year paper, bond dealers said.
The proceeds of the NCDs will be used by AIAHL to refinance the loans availed by AIL. The issue will be open for bids on Thursday.
AIAHL was set up with the objective of acquiring the non-core assets of AIL, its subsidiaries, certain immovable properties and working capital loans and rights acquired amongst other objects.
The bonds proposed to be issued have been assigned a rating of “[ICRA] AAA(CE) (Stable)” by the ratings agency ICRA.
This will be the second bond issue by AIAHL in a month’s time. In mid-September, AIAHL had raised Rs. 7,000 crore through three-year paper at 6.99%. Back then, the company had received bids worth Rs. 20,830 crore which is the highest in the yield-based bond market in the history of Bombay Stock Exchange, according to a statement.
09/10/19 Bhavik Nair/Financial Express
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The proceeds of the NCDs will be used by AIAHL to refinance the loans availed by AIL. The issue will be open for bids on Thursday.
AIAHL was set up with the objective of acquiring the non-core assets of AIL, its subsidiaries, certain immovable properties and working capital loans and rights acquired amongst other objects.
The bonds proposed to be issued have been assigned a rating of “[ICRA] AAA(CE) (Stable)” by the ratings agency ICRA.
This will be the second bond issue by AIAHL in a month’s time. In mid-September, AIAHL had raised Rs. 7,000 crore through three-year paper at 6.99%. Back then, the company had received bids worth Rs. 20,830 crore which is the highest in the yield-based bond market in the history of Bombay Stock Exchange, according to a statement.
09/10/19 Bhavik Nair/Financial Express
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