off-the-wire

India New Issue-NTPC likely to issue 3-year bonds next week - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
By Bhakti Tambe MUMBAI, April 6 (Reuters) - India's NTPC plans to raise up to 20 billion rupees ($244.10 million) through bonds maturing in three years, three merchant bankers said on Thursday.


The state-run company may invite bids from investors and bankers for the issue next week, they said.


"The company wants to make most of the fall in yields after the Reserve Bank of India surprised the market with a pause," one of the bankers said.


The company is yet to announce the bond sale and did not immediately respond to a Reuters request for comment. NTPC's outstanding bonds are rated AAA by CRISIL, CARE Ratings and ICRA. This will be the first bond issue by NTPC in the current financial year started April. In December, the company raised 5 billion rupees through bonds maturing in 10 years and four months at a coupon of 7.44%. ($1 = 81.9350 Indian rupees) (Reporting by Bhakti Tambe)

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