Record-breaking NTPC is offering bonds from Wednesday

NTPC has already issued Rs 300 cr on private placement basis to institutional investors

GN Bureau | September 21, 2015




K Biswal, director ( finance ) NTPC says the public sector company has a history of creating records in regard to tax free bonds. He is right and now it is looking to make another record.

Earlier issue in December 2013 was oversubscribed by 3.67 times. NTPC has already issued Rs 300 crore on private placement basis to institutional investors which received an overwhelming response and the issue was oversubscribed by 7.25 times

Now, the balance amount of Rs 700 crore is being raised through public issue. The issue opening date is  September 23 (Wednesday). Of this 40% (Rs 280 crore) is reserved for allocation to retail category.

The issue is managed by 4 reputed Lead Managers – AK Capital, Edelweiss Financial, Axis Capital, SBI Capital and the consortium members – AK Stockmart, Edelweiss Securities, SBICAP Securities.

The legal advisor to the issue is a leading legal firm – AZB & Partners. There are three tenures 10, 15 and 20 years. The investors are classified under two categories retail and non-retail. The non retail category consists of QIBs, Corporates and HNIs.

At the announcement of the issue, AK Jha, CMD of NTPC informed that the power PSU is the largest power producer in India in terms of both installed capacity and generation. Its aggregate installed capacity is 45,548 MW (including 39352 MW through directly owned units and 6,196 MW through Subsidiaries and Joint Ventures) as on September 10.

The company has a capacity of 23,004 MW which is under different phases of completion as on date. NTPC’s capacity excluding renewable but including capacity of subsidiary and joint ventures represented market share of 18.77% of India’s total installed capacity and we generated 260.58 billion units of power, representing market share of 24.95% of India’s total power generation in fiscal 2015.

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