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Sardar Sarovar Narmada Nigam is in a Row

Anurag Bhullar


SEBI (Securities and Exchange Board of India) has asked Sardar Sarovar Narmada Nigam to convey all its bondholders about the pre-mature redemption of its 20 yr deep discount bonds. It has been ordered by the markets regulator to justify the price of the bonds and inform about the decision to the bondholders, before Jan 10.


Nigam issued the bonds in 1993 rated at Rs.3600 to be redeemed in 2013 for Rs.1,11,000 together with the interest component of 17% on per year basis.


It was stated that though bondholders could opt for redemption in 7th, 11th and 15th year, the organization could not call back the bonds unilaterally. However, among the worries of nose-diving interest rates, the legislation passed last year by the Gujarat Government made possible the \'pre-mature redemption\'. The price at which the bonds would be redeemed has been put at Rs.50,000.

 
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