State-run hydro power giant NHPC board today approved the proposal of raising Rs 494 crore through issuance of 'W' series bonds on private placement basis. The board of directors, at its meeting held today, considered and approved the proposal to raise Rs 494 crore via W series corporate bonds on private placement basis, NHPC Ltd said in a BSE filing today. According to the statement, the issue of bonds would be out of the Rs 4,500 crore already approved by the shareholders in their 40th Annual General Meeting held on September 22, 2016. It said that the company also signed Power Purchase Agreement (PPA) yesterday with BSES Yamuna Power Limited for a period of 35 years from the date of commercial operation of the seven power stations. The seven power stations are Bairasiul, Salal, Tanakpur, Chamera-I, Uri-I, Sewa-II and Chamera-III. Earlier in the day, the board also approved the financial results of the company for the quarter ended June 30, 2017. The company reported a marginal rise of 0.56 per cent in standalone net profit at Rs 862.66 crore for the first quarter ended June 30, 2017. The company had posted a standalone net profit of Rs 857.82 crore for the year-ago period.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)