NTPC to Raise Rs 12,000 Crore via NCDs - Shareholders' Approval Sought
Aug 06, 2024 15:32
State-owned NTPC seeks shareholders' approval to raise Rs 12,000 crore through NCDs in its AGM on August 29. The funds will be used for capacity expansion.
Photograph: Luisa Gonzalez/Reuters
New Delhi, Aug 6 (PTI) State-owned power giant NTPC will seek shareholders approval to raise up to Rs 12,000 crore through issuance of Non-Convertible Debentures (NCDs/bonds) on a private placement basis in its annual general meeting on August 29.
"The board of directors of the company in its meeting held on 29th June, 2024 has approved the proposal and recommends the passing of the proposed special resolution (for raising up to Rs 12,000 crore in next 12 months)," the AGM notice of NTPC stated.
The notice further said that the company is under capacity expansion mode, and a major portion of its capital expenditure requirement has to be funded by debt.
The approval of the shareholders is being sought to authorize the board of directors to make offer(s) or invitation(s) to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (NCDs/bonds) up to Rs 12,000 crore in one or more tranches, it said.
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