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NTPC gets shareholders' nod to raise Rs 15,000 cr via bonds

Firm's proposal to declare final dividend for 2016-17 also approved

Press Trust of India  |  New Delhi 

(Photo: Wikipedia)
(Photo: Wikipedia)

Power giant on Friday said it has received shareholders' approval to raise Rs 15,000 crore via non-convertible on private placement basis for capex, working capital and other corporate purposes.

The special resolution, listed on the agenda of the annual general meeting held, was passed by the requisite majority, said in a filing.

According to the proposal, the company will raise Rs 15,000 crore through the issue of non-convertible debentures (bonds) in one or more tranches or series not exceeding 30, through private placement, in the domestic market for capital expenditure, working capital and other general requirements.

Besides, the shareholders also approved the proposal to confirm payment of interim and declare the final for 2016-17.

The company has already paid an interim of Rs 2.61 per share and had recommended a final one of Rs 2.17 for 2016-17, which is 143 per cent of the amount paid last year.

Also on the agenda was a proposal to amend the Articles of Association with a view to inserting a provision for consolidation and re-issuance of debt securities. This was also passed by the shareholders.

Looking beyond its conventional power generation business, the company is eyeing diversification in allied sectors such as setting up electric vehicle charging infrastructure, ancillary services and energy storage.

First Published: Fri, September 22 2017. 15:24 IST