NTPC Ltd has raised $450 million through a five-year bond offering in the international markets. A company statement said this has been done under its $6-billion Medium Term Note (MTN) programme.
NTPC said in a statement the company intends to use the proceeds of the issue to finance its ongoing and new power projects, coal mining projects, acquisition of power plants and renovation and modernidation of power stations.
Its $6-billion MTN programme was set up in 2006 and this issuance was the 10th offering under the programme, taking the cumulative amount raised under it to $4.3 billion, the company statement added.
The final order book was over $1.8 billion, an over-subscription of nearly four times, with orders from more than 100 accounts. The coupon was fixed at 3.75 per cent per annum, NTPC said.
