NTPC has launched a cash tender offer to buy the masala bonds worth totaling Rs 4,000 crore.
NTPC masala bonds includes rupee denominated Rs 2,000-crore 7.25 per cent notes issued on May 3, 2017, payable In USD.
State-run power giant NTPC has made an offer to buy back its masala bonds worth Rs 4,000 crore from bondholders or lenders. Masala bonds are issued outside India but denominated in Indian rupees, rather than the local currency. NTPC has launched a cash tender offer to buy the masala bonds worth totaling Rs 4,000 crore.
According to company statement, the offer include the rupee denominated Rs 2,000-crore 7.375 per cent notes issued on August 10, 2016, payable In USD and due on August 10, 2021 (”2021 notes”). The offer also includes rupee denominated Rs 2,000-crore 7.25 per cent notes issued on May 3, 2017, payable In USD and due on May 3, 2022.
The company had issued the 2021 notes, which are currently listed on Singapore Exchange Securities Trading Limited (SGX-ST), the London Stock Exchange’s Professional Securities Market, the NSE IFSC Limited (NSE IFSC) and the India International Exchange (IFSC) Limited (India INX). The 2022 notes are currently listed on SGX-ST, London Stock Exchange’s International Securities Market, NSE IFSC and India INX.
The tender offer memorandum has not been, nor will it be, registered, produced or published as an offer document as an offer document (whether as a prospectus or otherwise) with any Registrar of Companies in India, Sebi, any Indian stock exchange or any other statutory or regulatory body of like nature in India, except for filing of any information which is mandatorily required to be disclosed or filed in India under any applicable Indian laws.
The tender offer memorandum has not been and will not be reviewed or approved by the ROC, Sebi, Reserve Bank of India or any statutory or regulatory body in India of like nature in India or by any Indian stock exchange. The offers will not be, and has not been, offered in India by means of any document and does not constitute an advertisement, invitation, offer or solicitation of an offer to buy back any notes in violation of applicable Indian laws, the company added.