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May 23, 2001 		Feedback  
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India power body bonds raise Rs 1.51 billion

India's state-owned Tamil Nadu Electricity Board closed a domestic issue of non-convertible debentures after raising Rs 1.51 billion, debt market dealers said on Wednesday.

The full amount will be retained, they said.

The issue closed for subscription on May 18 but the details were only available on Wednesday.

The issue, which opened on March 19, had a size of one billion rupees and an unspecified greenshoe option.

The five-year bonds had a put and call option after three years and offered a return of 11.0 per cent, payable once in six months.

The lead arrangers to the issue were SBI Capital Markets Ltd, Darashaw and Company Ltd, HB Portfolio Ltd and state-run Canara Bank.

The issue was guaranteed by the government of Tamil Nadu.

TNEB generates and distributes power in Tamil Nadu.

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