Aditya Birla Finance is planning to raise Rs15bn (US$172m) from short 3.5-year bonds at 7.9413%, according to market sources.

The non-banking financial company is targeting Rs2.5bn plus a greenshoe of Rs12.5bn from bonds due August 7 2028.

It is seeking bids tomorrow from 11:30am to 12:30pm India time.

Kotak Mahindra Mutual Fund is heard to be the anchor investor.

Icra and Crisil have assigned a AAA (stable) rating to the secured notes.

Source: IFR