India's Damodar Valley aims for 26 bln rupees via bonds-sources

MUMBAI, Oct 9 (Reuters) - Indian state-owned utility DamodarValley Corp is planning to raise 26 billion rupees ($496million) via a private placement of 15-year bonds, three sourceswith knowledge of the deal said on Tuesday.

The bonds will be guaranteed by the Indian government, andthe proceeds will be used to grow the business, the sourcessaid.

The utility has invited bond underwriters to submit theirbids by Friday, the sources added.

($1 = 52.4700 Indian rupees)

(Reporting by Archana Narayana; Writing by Rafael Nam; Editingby Mark Potter)


Messaging: rafael.nam.thomsonreuters.com@reuters.net))