IRFC To Lend Rs 5,000 Crore To NTPC Renewable Energy
Indian Railway Finance Corporation Ltd. has entered into a pact with NTPC Renewable Energy Ltd. to provide a rupee term loan of Rs 5,000 crore, according to an exchange filing on Tuesday.
The loan will be unsecured, IRFC clarified. "However, negative lien shall be provided with certain exceptions," it added.
NTPC Renewable, which is a subsidiary of NTPC Green Energy, is taking the loan for meeting part of capital expenditure for "ongoing/new capacity addition being undertaken", as per the regulatory filing.
NTPC Renewable's loan pact with IRFC was announced hours after the parent firm, NTPC Green, received approval from Rajasthan Renewable Energy Corporation Ltd. to start work on the last phase of the 320-megawatt Bhainsara Solar PV Project in Jaisalmer.
In the trading session on Tuesday, shares of IRFC Ltd. closed 2.55% lower at Rs 129.41 apiece on the National Stock Exchange, compared to a 0.04% uptick in the benchmark Nifty 50 index. The share price has fallen 8.41% in the last 12 months and declined by 13.38% on a year-to-date. A single analyst tracking the company has a 'sell' rating on the stock, according to Bloomberg.
Meanwhile, shares of NTPC Green on Tuesday settled 3.48% lower at Rs 100.25 per share. The stock has fallen by 17.36% in the last 12 months, and by 21.5% on a year-to-date basis. One out of the two analysts tracking the company have a 'buy' rating on the stock and the other suggests a 'sell,' as per Bloomberg data.
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