India's NTPC sets coupon to raise 3 bln rupees via bonds

Last Updated: Mon, Feb 25, 2013 11:40 hrs

MUMBAI, Feb 25 (Reuters) - NTPC, India's largest power producer, will raise 3 billion Indian rupees ($55.35 million) issuing 10-year bonds at 8.73 percent, according to two sources.

Barclays, Darashaw, HDFC Life, IDFC, SBI Life and Yes Bank are the investors in the deal, the sources said.

The pay-in date for the issuance is March 2.

NTPC will use part of the proceeds to finance capacity addition, coal mining projects, and refinance debt.

The issue is rated "AAA" by Crisil, ICRA and Care. ($1 = 54.2000 Indian rupees) (Reporting by Archana Narayanan; Editing by Prateek Chatterjee)

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