Cholamandalam to Issue 7-Year Bonds

Cholamandalam Investment and Finance Company is planning to raise money by selling special bonds.

These bonds will take seven years to mature and will pay an interest rate of 8.40% per year.

The company wants to raise 10 billion rupees, which is about $112.13 million.

They have also set aside an extra 5 billion rupees in case they need more money.

The bonds have a rating of AA+, which means they are considered a safe investment.

The company will ask for bids from investors later in the day.