Power News We love to talk!
India’s largest power generation company NTPC Ltd’sRs 2,000 crore masala bond issue was oversubscribed with participation of more than 40 accounts, the company said in a statement.
NTPC said based on the strong order book, the notes have been successfully priced at a coupon of 7.25 per cent payable annually.
The company priced its second rupee-denominated five year masala bonds offering for Rs 2000 crores, in the international markets on 25 April 2017, becoming the only state owned enterprise to tap masala bonds market twice.
These bonds shall be listed at Singapore Stock Exchange and London Stock Exchange, NTPC said. This is the eighth offering under the company’s $4 billion medium term note (MTN) programme since it was set up in 2006, taking the cumulative amount raised under the programme to $3.46 billion.
The 5 year Senior Unsecured RegS Masala Bonds of NTPC have been issued at the lowest yield for any Masala bond by an Indian issuer till date and have been priced within AAA Corporate Bonds of equivalent tenor in domestic market.
In terms of geographical distribution, Asia took the bulk of the transaction at 83 per cent, European Union area at 14 per cent and US Offshore at 3 per cent. In terms of investor types – central banks and sovereign wealth funds comprised 50 per cent, asset managers and fund managers 30 per cent, banks 14 per cent and private banks 6 per cent.
The company intends to use the proceeds of the issue to finance its ongoing and new power projects within India. Axis Bank, Barclays Bank, ICICI, MUFG, and Standard Chartered Bank were the bookrunners for the offering.
- Videocon plans $2.5 bn Brazil oil and gas investments Read more
- Maharashtra govt to launch Integrated Policy for Renewable Sector Read more
- Damming India for the future Read more
- GE Power India net loss doubles to Rs 97 cr in Jul-Sept quarter Read more
- TN ends wind season evacuating 1,477 million units more in 2017 Read more
- Govt denies 10% cut in gas price, says it's 'mere speculation' Read more
- Government working on auction model for commercial coal mining Read more
- Increase of 8.4% in power generation since 2014, says Piyush Goyal Read more
- Adani Group to invest in power, fertilizer plants in Jharkhand Read more
- US may help Narendra Modi government achieve target of 100 gigawatt of solar power Read more