Trust Investment Advisors to issue 7-year bond - traders

MUMBAI (Reuters) - India's Trust Investment Advisors plans to raise at least 500 million rupees ($6.18 million) through bonds maturing in seven years, three merchant bankers said on Monday.

The company will offer a coupon of 8.90% on the issue, for which it has invited bids from investors and bankers on January 30 on the Bombay Stock Exchange's electronic bidding platform.

The issue also has a greenshoe option to retain an oversubscription of up to 350 million rupees.

The bonds, which has a provisional AA ratings from Infomerics, will be closed for subscription next week.

($1 = 80.9550 Indian rupees)

(Reporting by Bhakti Tambe; Editing by Sohini Goswami)