(ET)
Indian companies have resumed raising money via bond-sales to overseas investors, a move that could well be an early trend for the rest of the year. State-owned NTPC has spiced up the market raising Rs 2,000 crore by selling the rupee-denominated “Masala Bonds” to overseas investors as it plans to deploy funds in domestic projects. Those papers, rated as BBB-, the lowest in the investment grade, have offered a coupon rate of 7.25% with five-year maturity, dealers said.
Standard Chartered, Barclays along with some other investment bankers have helped the company to raise the sum. The bond-sale opened for subscription on Tuesday. NTPC plans to bid for ultra-mega power plants – of 4GW capacity each – when they are offered, according to a Fitch report. The company also plans to acquire state-owned thermal power plants.
