With the interest rates dropping as low as 6-9 per cent, Sardar Sarovar Narmada Nigam (SSNNL) has placed its Deep Discount bonds for redemption.
Empowered by the SSNNL (Conferment of Power to Redeem Bonds) Act 2008, the company is now able to redeem the publicly issued outstanding bonds at an early stage.
Issued in 1993 and allotted in 1994, the bonds worth Rs 240.98 crore at current value were the only outstanding ones left to be redeemed.
According to N M Patel, company secretary of SSNNL, around 6.69 lakh bonds had been lying outstanding.
"When issued, these bonds were carrying an interest of 18 per cent, but 2000 onwards the interest rates had begun falling and touched 6-9 per cent. Following this, the Gujarat government passed an act that enabled the company to redeem these bonds early before the interest rates dropped further. This led to the company issuing notice to its investors to surrender their bonds," said Patel.
The bonds had been issued at a face value of Rs 1.11 lakh at a price of Rs 3,600 with a maturity period of 20 years. While Deep Discount bonds would have matured in 2014, the company has fixed the date of redemption as January 10, 2009 at a value of Rs 50,000 per bond.
Patel said that the company has honoured its investors' rights to withdraw these bonds at the end of 7, 11 and 15 years at deemed face value of Rs 12,500, Rs 25,000 and Rs 50,000 per bond. "These were the last publicly issued outstanding bonds. There are still some privately held outstanding bonds which are yet to be redeemed," added Patel.
my ssnnl deepdiscount bond no 139965 ,registered follio nos sn204176.my new adress is d.padma latha sreeh.no 5-12-187/a,4th avenue,mangapuram coly, merpet moulali,secundebad,hyderabad-40,pin 500040
dear sir,
I am having 7(seven) deep discount bonds of Sardar Sarovar Narmada Nigam Limited of face value of 111000/- purchase price of Rs 3600/-
detail of the bonds
cetificate no no of bonds
568078
dear sir,
sub:-non receipt of redemtion amount of Deep Discount Bond of SSNL folio no. sd 490409, certificate no:-716149, distinctive no:-510724- 510724. in the name of kamal sen .
the original bond certificte already send to your end . But, we haven't received our redemption amount yet. It is requested to please look into the matter and arrange to send the Cheque of redemption amount at the address in your records. confirming by email adress kamalsen2010@yahoo.in
Thanking you in advance for your co-operation in the matter.
Regards
kamal sen
We had not received redemtion amount from SSNNL for the prematurement of the bond. Folio No. SN 410504, Certificate no. 411869. So, plz reply what to do next.
We had not received any notice from SSNNL for the prematurement of the bond. Folio No. SN 122790, Certificate no. 30471.
So, I am still helding the certificate.
So, plz reply what to do next.
AMITA VASHISHTA MAHESH CHANDRA VASHISHTA
SIR I HAVE NOT RECEIVED ANY REDEMPTION FORM FOR DEEP DISCOUNT BOND REGD. FOLIO NO. SN 239046, DIST.NO.185589,ONE BOND MY NEW ADDRESS IS "M.C.VASHISHTA,109 BHARAT APPTT. PLOT NO.20 SECTOR-13 ROHINI DELHI-110085" M-09415311602 PL.HELP
SIR I HAVE NOT RECD. ANY REDEMPTION AMOUNT YET KINDLY TELL WHAT TO DO THE NEEDFUL IN THIS REGARDMY FOLIO NO. IS SN 282323 AND CERTIFICATE NO. 244204.
AND DISTINCTIVE NOS. 244204 TO 244204 AND MY NEW ADDRESS IS : C V PREMA SANTHOSH, PLOT NO. 194, AKSHAYAA HOUSE, NORTH END STREET, NEAR SIVAM STREET, CHENDURPURAM, KATTUPAKKAM, CHENNAI 600 056, TAMIL NADU, PH # 044- 2476 2014 AND MAIL ID IS v_santy@yahoo.com
SIR I HAVE NOT RECD. ANY REDEMPTION AMOUNT YET KINDLY TELL WHAT TO DO THE NEEDFUL IN THIS REGARDMY FOLIO NO. IS 440709 AND 440589 AND CERT. NO ARE 448737&448611 RESPECTIVELY
My new postal adds- C/O Panchu Gopal Som, Bidhan Pally, Barisal Colony, Madhyamgram, Kol-700129.I want to redemption of bond, please send your intimation letter or any kind of information infavour of Regd. Folio No SN 249606, Disyinctive No 199785.Application No 157962.by POST or E-MAIL.
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