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NPCIL cancels bond sale plans: sources

NPCIL cancels bond sale plans: sources
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First Published: Wed, Jan 21 2009. 04 59 PM IST
Updated: Wed, Jan 21 2009. 04 59 PM IST
Mumbai: “State run company Nuclear Power Corp of India Ltd (NPCIL) which operates India’s nuclear power stations, has cancelled plans to sell bonds on expectations of lower rates in the coming weeks,” two sources including a company official said.
NPCIL was looking to sell Rs15 billion worth of 10-year notes.
“We are not proceeding with it in the current market. We are looking at softer interest rates and will do debt mobilisation then,” a company official, who did not wish to be named, said.
“We are anyway cash surplus, with Rs60 billion of cash lying with us. The management has decided not to go ahead,” he said.
The company had earlier invited bids from merchant bankers to sell the issue.
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First Published: Wed, Jan 21 2009. 04 59 PM IST