NTPC to raise Rs 1,072 cr through bonds

State-run NTPC today said it will raise Rs 1,072.50 crore through private placement of secured non-convertible debentures.
"NTPC has decided to raise Rs 1,072.50 crore through private placement of secured non-convertible debentures at a coupon of 8.10 per cent p.A. With a door-to-door maturity of 15 years on May 27, 2016," NTPC said in a BSE filing.
The proceeds will be utilised to finance capital expenditure/refinancing the debt requirement in on-going projects, including recoupment of expenditure already incurred.
In a press statement, the company said it issued its 61st series of bonds for a door-to-door maturity of 15 years yesterday.

"Bids amounting to Rs 1,305 crore were received against issue size of Rs 750 crore. After creating pricing tension, coupon of 8.10 per cent was achieved which was inside of corporate 10-year 'AAA' yield curve by 10-14 basis points and an amount of Rs 1,072.50 crore was allocated to successful bidders," the statement said.
The proceeds of the issue will be utilised for capital expenditure.
"NTPC is rated 'AAA' by CRISIL, CARE and ICRA and the bond issue was also rated 'AAA'," the statement added.