NTPC receives shareholders' approval to raise up to Rs 12,000 crore
State-owned power giant NTPC has got shareholders' approval to raise Rs 12,000 crore, approximately through the issuance of non-convertible debentures (NCDs) on a private placement basis.
"All resolutions proposed at the 48th Annual General Meeting were passed with requisite majority," the company said in a BSE filing.
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 around Rs 12,000 crore in the next 12 months), the AGM notice of NTPC had stated.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
Further, it 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 an 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 had said.
Read Also : HUDCO sign MoU with Nagpur Metropolitan Region Development Authority to provide funds