By Reshmi Basu
New York, March 31 - AK Capital Services Ltd said it issued a total of Rs. 4.5 billion in new bonds.
The issuer placed Rs. 3 billion of 15-year upper tier-II bonds at a coupon of 8.70%. The bonds are non-callable for 10-years. If the bonds are not called, the coupon will increase to 9.20% for the remaining five years.
AK Capital also sold Rs. 1.5 billion of perpetual bonds with an interest rate of 9½%. The bonds are non-callable for 10-years. If not called, the coupon would increase to 10%.
UCO Bank was the lead arranger for the firm's maiden bond offering.
New Delhi, India-based AK Capital is a brokerage firm.
First issue
| Issuer: | AK Capital Services Ltd.
|
| Amount: | Rs. 3 billion
|
| Issue: | Upper tier II bonds
|
| Maturity: | 15 years
|
| Call features: | Non-callable for 10 years
|
| Coupon: | 8.70% for 10 years, then 9.20% if not called
|
| Lead arranger: | UCO Bank
|
|
|
| Second issue
|
| Issuer: | AK Capital Services Ltd.
|
| Amount: | Rs. 1.5 billion
|
| Issue: | Bonds
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| Maturity: | Perpetual
|
| Call features: | Non-callable for 10 years
|
| Coupon: | 9½% for 10 years, the 10% if not called
|
| Lead arranger: | UCO Bank
|
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