ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Narmada Bonds

THIS is in response to the tirade of Narmada Bachao Andolan (NBA) against Sardar Sarovar Narmada Nigam (February 5). The NBAs constant references to the colossal expenses incur red by SSNNL on publicity, which often border on untruths, as is the present accusation of a Rs 30 crore media blitz for the bond issue, raise a doubt if it is not the NBA that hankers for publicity rather than the SSNNL. The fact is that the expenses defrayed for the bond issue are far below those quoted by the NBA. The Rs 300 crore bond issue closed, on November 11, 1993 and allotment procedures were completed by January 11, 1994 and the SEBI had permitted the Nigam to retain 25 per cent of the issue from the oversubscription. The bond issue was a resounding success despite the calumny campaign against it by the NBA.

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