New Issue-India's TELCO securitisation raises 1.5 bln rupees

Newswire

BOMBAY, June 27 (Reuters) - India's Tata Engineering and Locomotive Company Ltd raised around 1.5 billion rupees by securitising some receivables from its hire-purchase schemes for trucks, buses and cars, merchant bankers said on Friday. Mutual funds were the main subscribers to the issue, which opened for book-building on June 19 and closed on Thursday. It has three series. The receivables under the first series have a door-to-door maturity of 11.7 months and an average maturity of ...

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