Mumbai: Nuclear Power Corp of India (NPCIL) has once again scrapped a planned issue to raise at least Rs 1500 crore via a single tranche bond, three sources with direct knowledge of the deal told Reuters on Tuesday.
The five-year bond with a put/call at the end of 18 months was launched aiming at interest from foreign investors.
The company has scrapped the issue saying the bids came in at higher coupons, the sources said.
File photo of Tarapur Atomic Power Station in Thane district of Maharashtra state (AFP)
NPCIL was planning to raise at least Rs 1500 crore, with a green shoe of up to Rs 500 crore via bonds.
Earlier this month, the company had scrapped a three-tranche bond sale to raise a similar amount for which it had invited bids by 31 Oct.
Most of the bidders bid at 9.80%, much above the company’s hopes of garnering funds in the vicinity of 9.30%, two of the sources said.