Untitled - Ministry of Power

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their arrears accumulated from October, 2001
onwards and Rs. 1012.53 crore was collected
against these arrears. BSEB is the only SEB
which is not releasing the payment of arrears
amounting to Rs. 571.30 crore accumulated
between 1.10.2001 to 30.4.2003 payable to NTPC
and which has increased to Rs. 679.19 crores
due to accumulated of interest of Rs. 107.89 crore
on this account for the period upto 31.03.2004.
Ministry of Power has been requested to deduct
this amount from the account of Govt. of Bihar
maintained with RBI as per terms of Tripartite
Agreement and make payment to NTPC.
Those SEBs which have issued bonds to NTPC
under One Time Settlement Scheme have been
paying full amount against current monthly bill
during 2003-04, therefore, they have received cash
incentive from NTPC for the first half of 2003-04.
Further, the cash incentive for the 2nd half of
2003-04 would be released to SEBs shortly.
GROSS REVENUE AND PROFIT
NTPC recorded a provisional Gross Revenue of
Rs.25,184 crore including the effect of one time
settlement scheme during 2003-04 as against
Rs.19,850 crore during 2002-03. Estimated Net
profit after tax is Rs.4,905 crore as compared
to Rs.3,608 crore during the previous year
DOMESTIC BORROWINGS
NTPC has tied up a line of credit facility of
Rs.7,000 crore with Life Insurance
Corporation of India (LIC). The line of credit
is available to NTPC in the form of unsecured
term loan of Rs.4,000 crore and Bonds of
Rs.3,000 crore. This is the largest financial
assistance provided by LIC to a single entity.
The amount is available for meeting NTPC’s
capital expenditure and can be drawn over four
years. The tenor of the facility is 20 years.
NTPC has tied up loans from Domestic Banks
and Financial Institutions, aggregating Rs.12,269
crore as on 31st March, 2004 for its capacity
addition programme. During the year 2003-
04 eight new loans aggregating Rs.5,900 crore
were tied up including LIC Loan of Rs. 4000
crore. An amount of Rs.1,734.40 crore was
drawn and utilized during 2003-04. The
cumulative utilization upto 31st March, 2004 is
Rs.6,089.35 crore.
NTPC renegotiated the interest rates for high cost
loans drawn by NTPC. The estimated savings
on the balance life of the loan is Rs.110 crore.
DOMESTIC BONDS
The Company has issued during 2003-04 Series
XVI, XVII, XVIII and XIX Bonds of Rs.700 crore.
On its maturity on 24th March 2004, the Company
has redeemed ten-year Series XI Tax-free
Secured Bonds aggregating Rs.100 crore
which carried a coupon rate of 10.50% p.a.
payable semi-annually.
The total amount of Domestic Bonds outstanding
as on 31st March 2004 is Rs.3211 crore.
In February 2004, the Company has listed
privately placed Bonds of Series XII, XIII,
XIV and XVIII on the National Stock
Exchange of India in compliance to the
listing requirement of SEBI.
PUBLIC DEPOSITS
The cumulative Deposits received by the
Company from 3230 depositors as on 31st March 2004 stood at Rs.511.18 crore.
EXTERNAL ASSISTANCE
The cumulative assistance (Tranche-I, II, III and
IV) extended by Japan Bank for International
Co-operation (JBIC) for Simhadri Project is JPY
65,168 million. As against this, an amount of
JPY 60,109 million has been utilized till 31st March 2004.
EURO BOND ISSUE
During the year 2003-04, NTPC made its debut
issue of Eurobonds amounting to US$ 200
million to finance the capital expenditure of
on-going/new projects. These Bonds carry
a coupon of 5.5% per annum payable semiannually
and are to be redeemed at par on
10th March 2011.
The Bonds received overwhelming response
from the international investors and attracted
79 accounts. The investors were widely
distributed, Asian investors accounting for 45%
of proceeds; European investors contributed 47%
and balance 8% of the proceeds were contributed
by US off-shore accounts.
With the issuance of the above bonds, NTPC
has tapped new investor base hitherto unexplored
under conventional syndicated loans market
dominated by foreign commercial banks. In
addition to the banks contributing 32% of
the bonds, the asset managers subscribed
to 39% of the bonds. The balance was
contributed by pension/insurance funds
accounting for 17% and retailers & others
constituting the rest 12%.