Azure Power Solar Energy is likely to have priced its dollar bonds late on Tuesday evening even as the final price target (FPT) on its 5.25 year notes stood at 5.70% (+/-5 basis points), according to information provided by sources close to the deal. With this, it becomes the third Indian firm to tap the dollar bond market this month after Power Finance Corporation and ReNew Power.
“Although it is a bit early to say, we believe the issue is likely to get priced on the lower end of the final price target, i.e. at 5.65%. However, it will take some time before we arrive at the final pricing since bids from the US investors are to be taken into account,” a banker close to the deal told FE on Tuesday evening.
The firm was looking to raise close to $350 million through the issue. Earlier during the day, the initial price target (IPT) on the bonds had come in at 6%, sources indicated.
