Financial Daily from THE HINDU group of publications
Saturday, Mar 27, 2004
Financial Daily from THE HINDU group of publications Saturday, Mar 27, 2004 |
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Industry & Economy
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Power Markets - IPOs NTPC likely to go public by September Our Bureau
Visakhapatnam , March 26 THE National Thermal Power Corporation (NTPC), enthused by the response to its recent bond issue in the international market, is likely to go public later this year, probably in August-September, according to Mr P. Narasimha Ramulu, Director, Finance. Mr Ramulu, who spoke here on Thursday evening in the Institute of Chartered Accountants of India on the role of the NTPC in the power sector, said the response to the recent issue of zero bonds in the international market had been overwhelming. "The bond issue, for $200 million, was oversubscribed one-and-a-half times and the Asian markets responded very well. The European markets accounted for 47 per cent of the subscription, Asian markets 45 per cent and the rest eight per cent,'' he said. He said the bonds, to be listed on the Singapore stock exchange, would mature by 2011 and the interest would be 5.5 per cent Mr Ramulu said the NTPC was aiming at increasing its installed capacity to 40,000 MW by 2011 from the present 21,000 MWs and for that purpose it would need more than Rs 50,000 crore investment. It had tied up with LIC to borrow Rs 7,000 crore over the next four years for its ongoing projects. The proceeds of the bond issue too would be used for the same purpose. He said the NTPC was planning to go public later this year, probably in August-September, to gather roughly five per cent of its equity capital, Rs 7,812 crore. "However, no final decision has been taken on the size, price or timing of the issue," he said.
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