NTPC share price: NTPC seeks shareholders’ nod to raise Rs 18,000 cr via bonds

New Delhi: State-owned will search shareholders’ approval to lift Rs 18,000 crore by way of the issuance of bonds or debentures in its annual normal assembly on September 28. NTPC has proposed to lift funds as much as Rs 18,000 crore by way of the problem of bonds/debentures on a non-public placement foundation, stated a discover for the AGM.

Along with capital expenditure requirement, the corporate additionally must borrow for assembly its working capital requirement and different normal company functions, which is partly proposed to be met by way of the issuance of non-convertible bonds, it added.

It has additionally sought shareholders’ approval to extend the borrowing powers of the corporate from Rs 2,00,000 crore to Rs 2,25,000 crore.

Protecting in view the longer term Capex necessities and funds to be tied up for a similar and to care for forays into new enterprise vertical and any unanticipated funding necessities in future, a necessity is felt to reinforce the present borrowing limits, the corporate stated.

It additionally sought shareholders’ approval to re-appoint Gurdeep Singh as Chairman and Managing Director of the corporate until July 31, 2025.

Singh was appointed as CMD on January 28, 2016, for 5 years from the date of assumption of cost of the submit, or till additional orders.

The appointment of Singh as Chairman and Managing Director was permitted by the shareholders within the fortieth Annual Basic Assembly held on September 20, 2016.

The Ministry of Energy had prolonged the tenure of Singh from February 4, 2021, until July 31, 2025, i.e. the date of his superannuation, or till additional order, whichever is earlier.

The Board of Administrators in its assembly held on November 2, 2020, had accorded approval for the tenure extension of Singh until July 31, 2025, i.e. the date of his superannuation or till additional order, whichever is earlier.