Three commercial bankers said India’s Renewable Energy Development Agency (IREDA) plans to raise at least Rs 400 crore ($50 million) through the sale of bonds due in October 2025 and October 2032.

The state-run company has invited bankers and investors to bid on coupons and pledges on Friday, they said. The bonds will mature in 3 years, 16 days and ten years, 15 days, with an additional greenshoe option of Rs 10 billion for each bond.

The notes, rated AA+ by ICRA, CARE Ratings and India Ratings, will close next week. In February, the company raised Rs 1.06 billion through bonds maturing in three years, one month and 14 days, bearing an annual interest rate of 5.98%.