NTPC Ltd, India’s biggest power producer, has raised €500 million through overseas bonds sale that perhaps may be the first longest tenor euro-denominated issuance by an Indian company.

NTPC got bids for $2.4 billion, or nearly five times the targeted size, through euro-denominated bonds sale with 10-year maturity, the longest in the currency. Securities have been priced at 200 basis points over Euro Treasury.

“The 10-year bond has been issued at a coupon of 2.75 per cent with a yield of 2.814 per cent,” the company said in a statement.

Proceeds of the bonds issue would be used for capex.

This is the first-ever 10-year Euro denominated bond issuance by an Asian utility issuer and also the first-ever 10-year EUR transaction by an Indian issuer.

NTPC said the issue saw participation from more than 125 investors from across the globe.

This, it said, is the first “10-year EURO bond for BBB— issuer from Asia-ex Japan” and the “longest tenor achieved by a BBB— issuer from Emerging Markets since 2005.”

Also, it is the first 100-year Euro bond by an Indian issuer, the statement said.

Vedanta Resources had yesterday raised $1 billion through an offshore bond issuance.

The company’s five-year bonds were priced at a coupon of 6.375 per cent. Proceeds from the bond sale will “pro-actively address the refinancing liabilities of the company over next two years,” the billionaire Anil Agarwal-led firm had said in a statement.

Vedanta plans to use the proceeds from this offering primarily to purchase its outstanding $750 million, 9.5 per cent, bonds due 2018 and $1.2 billion 6.00 per cent bonds due 2019, and to repay its other existing indebtedness.