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NTPC: Rs 2000 crore Masala Bonds receive strong response

NTPC Limited,  for the second time in international markets, priced its rupee-denominated 5-year Masala Bonds offering, for Rs 2,000 crore. NTPC, which is a state-owned company, is the only one to tap the Masala Bonds market twice.
Taking the cumulative amount raised under the programme to around $3.46 billion, this is the eighth offering since 2006 under the company’s $4 billion Medium Term Note (MTN).
These bonds would be listed at the London Stock Exchange and Singapore Stock Exchange.
NTPC in a statement said that, the issue was oversubscribed with the participation of more than 40 accounts, and was successfully priced at a coupon of 7.25%, payable annually.
Fitch Ratings had assigned a rating of BBB-/Stable to the company’s rupee-denominated senior unsecured notes.
Stock view:
NTPC Ltd is currently trading at Rs 165.15, down by Rs 0.45 or 0.27% from its previous closing of Rs 165.6 on the BSE.
The scrip opened at Rs 165 and has touched a high and low of Rs 165.85 and Rs 165 respectively. So far 219152(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 136544.82 crore.
The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 177.8 on 27-Jan-2017 and a 52 week low of Rs 133.5 on 19-May-2016. Last one week high and low of the scrip stood at Rs 168 and Rs 163.1 respectively.
The promoters holding in the company stood at 69.74 % while Institutions and Non-Institutions held 27.45 % and 2.81 % respectively.
The stock is currently trading above its 100 DMA.