SSNNL Deep Discount Bond

Introduction
SSNNL (Sardar Sarovar Narmada Nigam Limited)the state government is set to bring in a legislation in the ongoing Assembly session that would insert a ‘call option’ in the rules of the Nigam’s 1993 Deep Discount Bond scheme, enabling it to save over Rs 4,000 crore by premature redemption of the bonds. This would have allowed the Sardar Sarovar Narmada Nigam Ltd to prepay dues ahead of the scheduled date of maturity.

The Nigam had issued 20 year deep discount bonds in 1993 at a price of Rs 3,600 which were to be redeemed in 2013 for Rs 1, 11,000 with an interest component of about 17-18 per cent per year. There are still some in private held outstanding bonds which are yet to be redeemed,” added Patel. Empowered by the SSNNL the company is now able to redeem the publicly issued outstanding bonds at an early stage. These were the last publicly published outstanding bonds.

Address
Sardar Sarovar Narmada Nigam Ltd.
Block No.12,
1st Floor
New Sachivalaya Complex,
Gandhinagar,
Gujarat,
India
Phone: 91-79-23223530, 23223531,
Fax: 91-79-23223056

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