NTPC Board To Consider Raising Up To Rs 12,000 Crore Via NCDs

State-run power producer NTPC Ltd. will consider raising up to Rs 12,000 crore through the issuance of non-convertible debentures (NCDs) at its board meeting scheduled for July 24, according to an exchange filing.

The company's board will also consider and approve the unaudited financial results for the quarter ended June 30, 2026, after they are reviewed by the audit committee, NTPC said in the filing. The proposed fundraising involves the issuance of secured or unsecured, redeemable, taxable or tax-free, cumulative or non-cumulative non-convertible debentures, with a total size of up to Rs 12,000 crore.

The proposal will be subject to shareholder approval at the company's ensuing annual general meeting, the filing said. The fundraising proposal comes as India's largest power producer is pursuing investments across both conventional and renewable energy businesses.

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Earlier this year, NTPC said it was exploring the revival of sub-critical coal-fired generating units capable of operating at loads as low as 25% to improve grid flexibility as renewable energy capacity expands.

The company said such next-generation sub-critical units could help maintain grid stability at a time when inadequate hydropower, gas-based generation and battery storage continue to place the burden of balancing the grid on coal-fired plants.

According to NTPC, its entire thermal fleet already operates at a technical minimum load of 55% during periods of low electricity demand while also providing ancillary services to accommodate higher renewable generation, particularly during solar hours.

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The latest proposal also follows recent fundraising activity across the NTPC group. In May, NTPC Green Energy Ltd. approved raising up to Rs 5,000 crore through non-convertible debentures alongside plans to form a joint venture with CtrlS Datacenters. The renewable energy arm reported a 15.5% year-on-year decline in fourth-quarter net profit to Rs 197 crore, even as revenue rose 46.7% to Rs 912.6 crore.

Before the announcement related to the potential fundraise, shares of NTPC closed 0.16% lower at Rs 341.90 apiece on the NSE, compared with a 1.09% gain in the Nifty 50.

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