Sardar Sarovar To Prepay Bonds
Posted: Friday, May 07, 2004 at 0000 hrs IST
Updated: Friday, May 07, 2004 at 0000 hrs IST
New Delhi, May 6: In a move that will slash returns for a few lakh investors, the Gujarat government-backed Sardar Sarovar Narmada Nigam Ltd (SSNNL) has said it would prepay high cost 20-year bonds to save about Rs 6,100 crore.
To get the consent of the investors, the company has called a meeting on May 28 as the 17 per cent interest bonds, issued in January 1994, did not provide for pre-mature redemption by the issuer.
In case SSNNL fails to get the consent of bond-holders for early redemption, it would have to bear a burden of Rs 7,800 till 2014, managing director SK Mohapatra told PTI on phone from Gandhinagar, adding that pre-payment in the 11th year would cost only about Rs 1,700 crore.
“We have sent notices to bond-holders about the meeting to amend the conditions of the bond so as to obtain the call option and redeem the bonds in 11th year,” Mr Mohapatra said.
He said the company hoped to redeem the bonds at Rs 25,000 in January 2005 subject to the approval of bond-holders. The company had sold the deep-discount bonds at Rs 3,600 per unit in January 1994, promising to repay Rs 1,11,000 in January 2014. This would entail a cash outgo of about Rs 7,800 crore.
— PTI
Comments
» Regarding sardar sarovar bonds
Posted by Dhaval on 2009-09-22 13:09:08.299328+05:30
Please tell me presently sardar sarovar bonds are available. If available then interest rate is 9%. This is true.And also give me information whether investment in this bonds are 100% safe like ppf/nsc . Thanks
» sardar sarovar bond
Posted by Anand Kumar Singh on 2009-09-02 21:38:01.348196+05:30
kindly you tell me that sardar sarovar bond in now open for investment.kindly mail you detail.
» lost of bond of sardar sarover
Posted by atul suri on 2009-06-23 19:17:57.704362+05:30
how can i get the folio number and bond paper as i have lost my papers and i do not have any records only record is my name and fathers name
» Bond Rs 3600/-
Posted by nitila gawade on 2009-06-09 12:31:19.740996+05:30
do i need to forward the details for redemption..if i want to wait till 2014 can,will they redeem in 2014 is it sure..and is there any compulsion for any one to redeemm it now..plz reply i m in a serious delima. my add as changed d new add is A/P Malad, Tal Baramati, Dist Pune, State Maharashtra
» ssnnl bonds redumption
Posted by d g kulkarni on 2009-07-19 12:16:43.183203+05:30
can i wait till 2014 or is it compulsary redumption
» this was invested for long term
Posted by Tarun Jain on 2009-05-27 15:00:23.902895+05:30
I do not want to surrender the bond as this was invested for long term I want to claim the full ammount of Rs 1,11,000/- I can wait till 20014. It is necessary to redeam the same or I can wait? pl. suggest.
» can i wait till 2014
Posted by Tarun Jain on 2009-05-27 14:56:41.516984+05:30
can i wait till 2014,will they confirm my redeemption later or no.n what if i dont send the certificate for redeemptiopn now..will i loos the money
» non receipt of bond
Posted by yogesh chandra on 2009-05-19 11:35:42.3058+05:30
i have yet not received the deep discount bond.corresponded so many times with the regitrar of bond issue.no reply received.
» can i wait till 2014,will they confirm my redeemption later or no.n what if i dont send the certificate for redeemptiopn now..will i loos the money
Posted by shyam kakkad on 2009-05-12 14:54:47.16811+05:30
do i need to forward the details for redemption..if i want to wait till 2014 can,will they redeem in 2014 is it sure..and is there any compulsion for any one to redeemm it now..plz reply i m in a serious delima
» Price
Posted by chandra bhan singh on 2009-04-18 14:04:28.195073+05:30
let me know corrent price of deep discount bond issue in 1993.because i have one bond i want to saleout.and pls send the maling adress where we gate the paments by hand because as per my knowladge the payments prosses is so lenthy it will take time
» submitted my bond but amount not yet received
Posted by Usha Agrawal on 2009-04-08 13:35:45.873585+05:30
Sir, I have submitted my bonds 2months ago and has received acknowledgement also not received the cheque yet and for further conversation we tried phone call but no response was made .So, kindly make our payment as soon as possible.
