 "NTPC")
India's state-owned energy major NTPC celebrated its recent Green Masala Bond listing by opening trading at the London Stock Exchange (LSE) on this morning as part of its efforts to promote renewable energy projects in the country.
NTPC had raised $300 million (Rs 2,000 crores) with a 7.48 per cent annual yield with the new bond listing earlier this month.
"I am delighted to be opening trading on the LSE this morning to celebrate NTPC's milestone bond listing. NTPC's Green Masala Bond offering with third party assurance and Climate Bonds Initiative certification, reflects our commitment to renewable energy in the times ahead," said Kulamani Biswal, finance director of NTPC Ltd.
"We are keen to tap a new and international investor base for our renewable energy programme and access offshore financing without the associated exchange risks, which we can achieve through this issuance on the LSE," he added.
NTPC will invest the proceeds of the Green Masala bond largely in the solar energy sector in India to achieve its target of 10 giga watts (GW) in the sector by 2022, plugging into the Indian government's ambition to generate 175GW of renewable energy by 2022.
"NTPC's landmark independently certified Green Masala Bond listing, the first Masala bond by an Indian quasi-sovereign issuer, represents another historic event for Indian finance. We are honoured to have been chosen to support NTPC access rupee-based financing in London's international capital markets, reinforcing India's ambitions to generate 175 GW of renewable energy by 2022," said Nikhil Rathi, chief executive officer, LSE plc.
"This cements London's position as the listing venue of choice for a variety of Asian issuers, from quasi-sovereign to supranational institutions, municipals and private companies. We are excited about continuing to build this market with Indian partners and authorities over the long-term, underlying the success of the India-UK Financial Partnership," he added.
Masala Bonds are rupee-denominated bonds issued to overseas buyers, with their green versions aimed at renewable energy projects in India.
As many as 30 offshore Indian rupee bonds have listed in total on the LSE, raising equivalent to approximately $3.5 billion , according to one of the world's leading stock exchanges.
