India’s two state-run firms to issue over $500mn of debt in August, sources say
MUMBAI: Indian state-run companies NHPC and NTPC Green Energy will raise around 45 billion rupees (about $512.6 million) through the sale of short-term bonds this month, three sources aware of the matter said on Tuesday. Hydropower company NHPC is set to raise around 20 billion rupees through the sale of two-year or three-year bonds and should be the first of the two companies to come up with the issue, the sources said. NTPC Green Energy, a subsidiary of integrated power company NTPC, will make its debut in the bond market by raising 20 billion rupees to 25 billion rupees through five-year bonds, according to the sources. “NTPC Green Energy is keen to go for shorter duration paper, but may also opt for 10-year notes if it gets sufficient interest from investors,” one of the sources said. The sources requested anonymity as the talks are private. Both the companies did not reply to a Reuters email seeking comment. NHPC had raised around 19.45 billion rupees in early May through separately transferable redeemable principal part bonds with six-to-15-year maturities.