India’s National Thermal Power Corporation (NTPC) Limited has offered to buy back two of its masala bonds due in August 2021 and May 2022. Masala bonds are the bonds that are issued outside India but denominated in Indian rupees rather than the local currency.

 

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 NTPC, In their statement to the Bombay Stock Exchange (BSE), spoke about proposing a cash tender offer for the rupee bonds worth ₹4,000 crores, which were issued by the company in two tranches of ₹ 2,000 crores each during August 2016 and May 2017. Both these bonds are payable in US dollars. The bonds due on August 10, 2021 were issued at a coupon rate of 7.375%, while the ones due on May 3, 2022, were issued at a coupon rate of 7.25%.

Both these bonds are listed on the NSE IFSC Limited (NSE IFSC), the India International Exchange (IFSC) Limited (India INX), and the Singapore Exchange Securities Trading Limited (SGX-ST) right now.

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