THDCIL Receives Bids for Rs 3215 cr Against Rs 1500 cr Bond

THDCIL has received bids for Rs 3215 crore in response to its corporate bond series-II of Rs 1500 crore with a greenshoe option of Rs 1000 crore

THDC India Limited (THDCIL), a joint venture of Government of India and Government of Uttar Pradesh, which was incorporated to develop, operate and maintain the 2400 MW Tehri Hydro Power Complex and other hydro projects, has announced that it received bids for Rs 3215 crore in response to the corporate bond series-II of Rs 1500 crore (base issue size of Rs 500 crore) and greenshoe option of Rs 1000 crore that it had issued.

The bidding for the above issue was done on September 5, 2019, and according to the official release, the coupon rate discovered for the bond is 8.75 percent for Rs 1500 crore through BSE EBP Platform with a Credit rating of AA+ and AA Stable. 

“The bidding was a grand success with an oversubscription of more than 6 times of base issue size. The company received Bids for Rs 3215 crore from various investors and arrangers. against Issue size of Rs 1500 crore,” the company stated.

These corporate bonds have a tenor of 10 years and the bond proceeds shall be used to partly meet debt requirement of ongoing projects under construction including recoupment of expenditure already incurred and to refinance the existing loans.

DV Singh, CMD-THDCIL expressed his satisfaction that THDCIL received an excellent response from the various investor class in a time slot of one and a half hour and issue was oversubscribed. He also said that this shows the confidence of the investors on the company’s performance and growth prospects.

THDCIL is one of the premier power generators in the country with an installed capacity of 1513 MW with commissioning of Tehri Dam & HPP (1000MW), Koteshwar HEP (400MW).

Towards diversification of the company into the renewable energy sector, it has commissioned 50 MW wind power plant at Patan, Gujarat in June 2016, and 63 MW wind power plant at Devbhumi Dwarka, Gujarat in March 2017.  

The company has also signed an MoU with Solar Energy Corporation of India (SECI) for setting up grid-connected solar power projects up to 250 MW capacity in a phased manner. THDCIL has also signed a tripartite agreement with SECI and Kerala State Electricity Board for development of 50 MW solar project in Kasargod, Kerala.