NTPC seeks shareholders' nod to raise up to Rs15k cr via bonds

NTPC has sought shareholders' approval to raise up to Rs 15,000 crore through issuance of debentures/bonds on private placement basis.

The funds would be raised in one or more tranches/series not exceeding 30, through private placement, in domestic market for capex, working capital and general corporate purpose, NTPC said in a statement.

The company will seek shareholders' approval for the same in its next AGM on September 20, 2016.

The funds would be mobilised during the period commencing from the date of passing of special resolution till completion of one year thereof or the date of next AGM in 2017-18 fiscal, whichever is earlier.

Last month, the company's board had considered and approved issue of secured/ unsecured, redeemable, taxable/tax-free, cumulative/ non-cumulative, non-convertible debentures ("bonds/NCDs") up to Rs 15,000 crore.

The shareholders will also consider a special resolution to appoint Gurdeep Singh as CMD of the company.

He was appointed as CMD of NTPC by government on January 28, 2016 for a period of five years and was accordingly appointed as an Additional Director from February 4, 2016 to hold office up till the AGM next month.

Shareholders will also consider a proposal to appoint a Director in place of Kulamani Biswal.