India’s largest power generating
company, National Thermal Power Corporation (NTPC) announced raising $500
million (about Rs 3,100 crore) through medium-term bonds offering in the
international markets.
In a statement, NTPC said it has launched
a benchmark size, senior, unsecured, fixed rate 10 year bond transaction with initial
price guidance of US Treasuries.
Medium Term Note, which usually matures
in five to 10 years, will give an annualized return of 4.375 per cent.
In terms of geographical distribution,
Asia took the bulk of the transaction at 68%, with supplemental demand from
Europe and offshore US accounts at 18% and 14%, respectively. The notes were
distributed to high-quality fixed income accounts: 53% to fund managers, 20% to
banks, 15% to insurance, 8% to official institutions and 4% to private banks
and others.
With a robust portfolio of over 23,000MW
capacity under execution, the company intends to use the proceeds to finance
its ongoing and new power projects.
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