NHPC board okays plan to raise Rs 2,500 cr

State-owned hydro power giant NHPC on Tuesday said its board has approved a proposal to raise up to Rs 2,500 crore through bonds, loans or external commercial borrowings (ECBs).

NHPC's board in its meeting on Tuesday approved the proposal to raise debt up to Rs 2,500 crore in 2019-20 through secured, redeemable, taxable, non-cumulative non-convertible taxable corporate bonds in one or more series or tranches on private placement basis and/or raising of term loans or inter-corporate loans or ECBs, according to a BSE filing by the company.

The board also decided that out of Rs 2,500 crore, debt up to Rs 2,000 crore be raised in first tranche and the balance debt of Rs 500 crore be raised after the completion of exercise for recovery of dues from beneficiaries and monetisation of under-utilised fixed assets.