PFC to issue multiple tenor bonds - traders

India's Power Finance Corp is planning to raise at least 5 billion rupees ($60.63 million) each through the sale of bonds maturing in five years and one month, as well as in 15 years, four merchant bankers said on Wednesday.

The state-run company invited coupon and commitment bids for both options from bankers and investors on Friday, they said.

The bonds are rated AAA by CRISIL, CARE and ICRA and the issue will close for subscription next week.

The above five-year paper has a greenshoe option to retain an additional 30 billion rupees, while the 15-year paper will have a greenshoe option to retain an additional 25 billion rupees, taking the total issuance size to 65 billion rupees.

Earlier this week, PFC raised 4.70 billion rupees through bonds maturing in 10 years and four months at an annual coupon of 7.58%. ($1 = 82.4670 Indian rupees)