London: The state-owned NTPC is likely to raise around Rs3,500 crore through dollar or euro bonds by September to finance its ongoing projects.
“We can go for dollar or euro bonds after September. We would raise around Rs3,500 crore through these bonds,” Kulamani Biswal, director (finance), NTPC, told reporters in London. The money will be utilised for bankrolling the ongoing projects, Biswal said.
The power giant listed its masala bonds at the London Stock Exchange (LSE) on Friday here in the presence of power minister Piyush Goyal.
Under the $4 billion medium term note (MTN) programme, NTPC had raised Rs2,000 crore earlier this month and Rs2,000 crore in August 2016.
The LSE listing will provide global investors access to Indian companies, besides providing liquidity.
“I am delighted that NTPC has successfully concluded the second round of masala bond offering in the international market. The Rs2,000 crore offering was successfully made in London at a very attractive price of 7.25%,” the minister said.
These bonds will be priced in Indian rupee without any worries about hedging the dollar or currency fluctuations. He termed the masala bond or the concept of international raising of capital in rupee terms as “a resounding success”.
Speaking during the LSE-Ficci roundtable on investment, the minister asserted that India is open to investment. “That’s the India of today. Dreaming, working, planning, aspiring for a better tomorrow. I assure you all that tomorrow is going to happen. We are committed to make it happen. I invite all of you to be part of that journey,” the minister further said.
He is confident that by 2019, India will be 100% LED. “Tomorrow, we are launching EESL in London and our launch tomorrow is going to be ‘UK joins affordable LEDs for all’. So, we have UJALA light coming to London via India tomorrow,” he added. PTI