NTPC Gets Shareholders’ Approval to Raise upto Rs 15,000 Cr via Bonds on PP Basis

State-owned NTPC has got its shareholders' approval, via special resolution, to raise up to Rs 15,000 crore through issuance of bonds/ debentures through private placement (PP) basis.

The proposed funds will be raised in one or more tranches not exceeding 30, as per the company’s notice for the annual general meeting (AGM) held on September 24, 2020.

“The special resolution for AGM which proposed to make offers or invitations to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures up to Rs 15,000 crore, was passed with requisite majority in the AGM,” NTPC said in a BSE filing.

As per the PTI report, the funds would be raised for capital expenditure, working capital and general corporate purposes, in the domestic market.

The company also got members' approval to amend the Memorandum of Association (MoA) to provide focus on new business segments like e-mobility, waste-to-energy, manufacturing of value added products from fly ash, gypsum etc. and sea water desalination.

Presently, these businesses are covered under allied/ancillary industries, which means there is no specific provision regarding these segments in the MoA.

As NTPC is venturing into these areas in a big way, it was proposed to include specific enabling provision regarding these new business segments in the objects clause of the company.

Besides, it also got shareholders' approval for appointment of Anil Kumar Gautam as Director (Finance), Ashish Upadhyaya as Government Nominee Director, Dillip Kumar Patel as Director (Human Resources), Ramesh Babu V as Director (Operations), Chandan Kumar Mondol as Director (Commercial), and Ujjwal Kanti Bhattacharya as Director (Projects).

Business | News published on 26/09/2020 by Manu Tayal

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