NTPC to seek shareholders approval to raise Rs 15,000 cr

Mumbai Aug 21 (IANS) Power utility major NTPC on Monday said that it plans to seek shareholders approval to raise Rs 15 000 crore through the issue of bonds debentures on private placement basis.

"Approval of the shareholders of the company is being sought to authorise the Board of Directors to make offer(s) or invitation(s) to subscribe to the secured unsecured redeemable taxable tax-free cumulative non-cumulative non-convertible debentures ("Bonds") up to Rs 15 000 crore... " it said in its 41st annual report 2016-17.

The report said that the bonds debentures on private placement basis will be issued in "one or more tranches series not exceeding 30 (thirty)" in domestic market.

According to the report funds raised through the issue of bonds debentures will be used for capital expenditure working capital and general corporate purposes.

The company will seek its shareholders approval for the special resolution during its annual general meeting to be held on September 20 2017.

--IANS
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