Bajaj Auto - unit issues and lists 5 bln rupees non-convertible debentures

Bajaj Auto Credit, a subsidiary of Bajaj Auto, has accepted bids for a 5 billion Indian rupee ($53.00 million) issuance of non-convertible debentures with a three-year maturity, according to three bankers confirm acceptance. The bonds carry an annual coupon rate of 8.10% and were offered to investors following a bidding process initiated earlier in the day. The issue has been rated AAA by Icra, indicating a high level of creditworthiness.

The company has not yet responded to requests for comment from Reuters. This issuance is part of a broader trend of corporate bond activity in India, with several other entities announcing debt offerings on June 18. The proceeds from the bond issuance are expected to support the company’s operational and strategic objectives, though specific use of funds has not been disclosed. Investors appear confident in the offering, given the strong credit rating and competitive coupon rate. The transaction highlights continued investor appetite for high-grade corporate debt in the Indian market.