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Maruti Udyog prices 7-yr bond at 11.20%

India's largest car maker Maruti Udyog Limited set a coupon of 11.20 per cent on its seven-year non-convertible debentures issue which had a book-building range of 10.90-11.40 per cent, arrangers to the issue said on Wednesday.

The debentures have a put and call option at the end of five years and raised an aggregate of Rs 2 billion which included a greenshoe option of Rs 1 billion.

ICRA Limited assigned a LAAA rating, which signifies highest safety of investment, to the issue.

MUL is an equal venture between the Indian government and Japan's Suzuki Motor Corp and has an Indian market share of a little over 50 per cent.

Arrangers to the issue were DSP Merrill Lynch, ICICI Securities & Finance Company, SBI Capital

Markets and Kotak Mahindra Capital Company.

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