NTPC fundraising: Board clears Rs 18,000 crore bond, NCD plan; postal ballot to follow

NEW DELHI: State-run power major NTPC Ltd on Saturday said its board has approved a proposal to raise up to Rs 18,000 crore through issuance of non-convertible debentures (NCDs) or bonds via private placement in the domestic market.

According to a regulatory filing, the company’s board gave its nod during a meeting held earlier in the day, and also cleared a draft notice for a postal ballot to seek shareholder approval for the fundraising plan, PTI reported.

NTPC said the fundraising will be done in one or more tranches, not exceeding 12, during the one-year period from the date of passing the special resolution by shareholders.

The company has fixed Friday, June 21, as the cut-off date to determine the names of members entitled to receive the postal ballot notice and exercise voting rights.

The proposed NCDs or bonds will be issued on a private placement basis, the company said, without disclosing the exact timing or the utilisation plan for the proceeds.