SINGAPORE, Jan 30 (IFR) - State-owned NHPC will open its
three-tranche issue of up to INR15bn (USD280m) today at 10am
India time for bidding. The company has invited 16 arrangers to
bid for the sale which will close at 3pm India time on January
NHPC is offering the bonds in the separately transferable
redeemable principal parts format.
The first tranche will have bonds maturing between two and
13 years with a base size of INR540m along with a greenshoe of
INR360m. The second tranche, maturing in three to 14 years, has
a base size of INR3bn and greenshoe of INR1.08bn.
The third tranche with maturities of between six and 15
years has a base size of INR6.46bn besides a greenshoe of
Bankers said the bonds could get priced in the range of
8.80%-8.85%. Insurance companies and EPFO are likely investors
in the sale of the bonds, which are locally rated Triple A by
India Ratings and Icra.
Shortlisted banks which will bid for the issue are Axis
Bank, AK Capital Services, Almondz Global Securities, Darashaw &
Co, HDFC Bank, ICICI Bank, IDFC, ING Vysya Bank, I-Sec PD,
Edelweiss Financial Services, Kotak Mahindra Capital Co, SPA
Capital Advisors, Trust Investment Advisors, LKP Securities, SBI
Caps and Yes Bank.