NHPC board to consider raising Rs5,000 crore via corporate bonds
NHPC said its board will consider this month a proposal to raise Rs5,000 crore through private placement of corporate bonds
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New Delhi: Hydro-power major NHPC Ltd on Monday said its board will consider this month a proposal to raise Rs5,000 crore through private placement of corporate bonds.
The fund-raising will be however subject to shareholders’ approval via special resolution at the next annual general meeting, NHPC Ltd said in a BSE filing.
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At its meeting on Thursday, 27 July, the NHPC board will consider “the proposal of raising corporate debentures/bonds aggregating to Rs5,000 crore on private placement basis subject to shareholders’ approval through special resolution in the next annual general meeting (AGM) of the company”, it said.
NHPC will also consider the proposal to raise Rs494 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.