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Cyril Amarchand Mangaldas (CAM) has advised NTPC, India’s largest power company on its offering of “green masala” bonds, with Allen & Overy advising the lead managers.

This is the first corporate masala bond, or Indian rupee-denominated bonds issued in offshore capital markets, offering to commit proceeds to “green” projects. HDFC opened the offshore rupee bond market for corporate issuers earlier this month.

The bonds will be listed on the London Stock Exchange and Singapore Exchange.

NTPC is raising 20 billion rupees ($299 million), plus a greenshoe option, from the Reg S offshore rupee offering. The bonds will be denominated in rupees but settled in U.S. dollars. It ntends to use up to 80 percent of the bond proceeds to fund solar projects and the remaining 20 percent toward wind projects.

The lead managers on the transaction were Axis Bank, Singapore Branch, HSBC, MUFG and Standard Chartered Bank.

The Cyril Amarchand Mangaldas team that advised NTPC was led by partner Niloufer Lam, along with partner SR Patnaik. The Allen & Overy team was led by partner Amit Singh.

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