NHPC receives shareholders' approval to raise Rs 2,000 cr via bonds

The shareholders also approved the proposal to amend its articles of association of the company

State-run hydro power giant NHPC on Thursday said its shareholders have approved the proposal to raise Rs 2,000 crore via the issuance of non-convertible debentures on private placement basis.

The special resolution to authorise board to raise Rs 2,000 crore via the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures/bonds, in one or more series/tranches, aggregating through private placement, in domestic market was passed by the requisite majority, NHPC stated in a BSE filing.

Besides, the shareholders approved the proposal for a final dividend at the rate of 1 per cent on the paid up equity share capital, that is 10 paise per equity share.

The board in its meeting held on May 30, 2017 recommended "a final dividend at the rate of 1 per cent (Rs 0.10 per equity share) on the paid up equity share capital of the company for 2016-17, excluding interim dividend at the rate of 17 per cent (Rs 1.70 per equity share) paid in January, 2017."

The shareholders at its annual general meeting held on September 27 also approved the proposal to amend its articles of association of the company so that the board shall have the power to carry out consolidation and re-issuance of its debt securities issued through a private placement.