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Grasim
Industries raises Rs 50 crore bond issue
PTI
- Mumbai
Aditya
Birla group company, Grasim Industries (GIL) has raised Rs 50 crore
for five years through an innovative instrument called the inverse
floater.
As
per the inverse floater, the coupon yield of the instrument behaves
inversely to the general directon of interest rates.
Thus
the coupon yield rises if interest rate fall, said a release here,
issued by Union Bank of India, one of the arrangers and underwriters
to the issue.
Union
Bank sources said the public sector bank and Deutsche Bank, the
other arranger and underwriter, have subscribed equally to the ‘aaa’
rated bond issue.
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