NHPC board to consider raising Rs 5,000 cr via corporate bonds

Fund-raising subject to shareholders' approval via special resolution at next annual general meeting

Hydro-power major NHPC on Monday said its board will consider this month a proposal to raise Rs 5,000 crore through private placement of corporate bonds.

The fundraising will be, however, subject to shareholders' approval via special resolution at the next annual general meeting, NHPC said in a BSE filing.

At its meeting on Thursday, July 27, the NHPC board will consider "the proposal of raising corporate debentures/bonds aggregating to Rs 5,000 crore on private placement basis subject to shareholders' approval through [a] special resolution in the next annual general meeting of the company", it said.

NHPC will also consider the proposal to raise Rs 494 crore through issuance of 'W' series corporate bonds on private placement basis, the company said in another filing.

"The proposed issue is out of Rs 4,500 crore already approved by the shareholders in their 40th Annual General Meeting held on September 22, 2016," it said.

In yet another filing, NHPC said that power purchase agreements for seven power stations like Bairasiul, Salal and Tanakpur have been signed last week with BSES Rajdhani Power Ltd (BRPL) for 35 years from start of their commercial operations.