NTPC gets shareholders' nod to raise up to Rs15k cr via bonds

State-run NTPC has received shareholders' approval to raise up to Rs 15,000 crore through issuance of debentures/bonds on private placement basis.
The funds would be raised in one or more tranches/series not exceeding 30, through private placement, in domestic market for capex, working capital and general corporate purpose as per the special resolution passed by its shareholders in its Annual General Meeting held yesterday, NTPC Ltd said in a BSE filing today.
The funds would be mobilised during the period commencing from the date (September 20, 2016) of passing of special resolution till completion of one year thereof or the date of next AGM in 2017-18 fiscal, whichever is earlier.

Earlier in July, the company's board had considered and approved issue of secured/ unsecured, redeemable, taxable/tax-free, cumulative/ non-cumulative, non-convertible debentures ("bonds/NCDs") up to Rs 15,000 crore.
The shareholders also approved the special resolution to appoint Gurdeep Singh as CMD of the company.
He was appointed as CMD of NTPC by government on January 28, 2016 for a period of five years and was accordingly appointed as an Additional Director from February 4, 2016 to hold office up till the AGM scheduled on September 20, 2016.

In a separate filing, NTPC informed BSE that during the 40th Annual General Meeting held on September 20, 2016, the shareholders of the company approved final dividend at the rate of Rs 1.75 per share for the financial year 2015-16

Another regulatory filing by the company said that NTPC has raised Rs 800 crore on August 23, 2016 through private placement of secured non-convertible debentures at a coupon of 7.58 per cent per annum with a door to door maturity of 10 years.
The proceeds will be utilized to finance capital expenditure / refinancing the debt requirement in on-going projects including recoupment of expenditure already incurred, it added.