Spandana Sphoorty to issue 21-month bonds - traders

India's Spandana Sphoorty Financial SPANDANA plans to raise at least 500 million rupees ($6.08 million) selling bonds maturing in 21 months, three merchant bankers said on Tuesday.

The non-banking financial company has invited bid from bankers and investors on Thursday, they said.

The notes are rated A by India Ratings and the issue will close for subscription on Friday.

The issue has a put option in April 2024 and will mature in September 2024.

Last month, the company had raised 500 million rupees, selling bonds maturing in 18 months at an annual coupon of 11.50%.

($1 = 82.2570 Indian rupees)