India's National Bank for Agriculture and Rural Development (Nabard) intends to sell bonds worth at least $96.4 million, The Wall Street Journal reports. The notes, maturing in three years, will be sold at an effective yield of 9.65 percent annually.

The bank will have the right to keep excess bids in case it wishes to do so. The securities provide put and call options after one year. Nabard is an apex development bank in India with a mandate to facilitate credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.

Click here for the story from The Wall Street Journal.