NHPC's Rs 1,000 cr tax free bonds issue likely on Oct 15

State-run power producer NHPC is likely to hit the market with its maiden tax-free bonds issue worth Rs 1,000 crore on October 15. For the issue, the company filed the Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi on Monday.

"We are expecting to come out with Rs 1,000 crore tax-free bonds issue on October 15," NHPC Director (Finance) A B L Srivastava said. The company would come out with the issue in a single tranche, he told reporters late on Monday. For this fiscal, NHPC's construction budget is Rs 3,450 crore. Out of that amount, around Rs 1,831 crore is planned to be garnered by way of debt.

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The country's largest hydro power is awaiting approvals for about ten projects having total capacity of 8,801 MW. When asked about government selling stake in the company, Srivastava said it would be decided by the Department of Disinvestment. The disinvestment is likely through the Offer for Sale (OFS) route, he added.

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