State-owned NTPC has received shareholder approval to raise up to Rs 12,000 crore through the issuance of non-convertible debentures on a private-placement basis.
The power giant, in a regulatory filing, stated that all resolutions proposed at the 48th annual general meeting were approved by the requisite majority.
The board of directors had approved this proposal during a meeting on June 29, 2024, and recommended the passing of the special resolution to raise up to Rs 12,000 crore over the next 12 months, as outlined in the AGM notice.
The notice had further said that the company is under capacity-expansion mode, and a major portion of its capital expenditure requirement has to be funded by debt.
The approval of the shareholders is being sought to authorise the board of directors to make offer(s) or invitation(s) to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures up to Rs 12,000 crore in one or more tranches, it had said.
(With Inputs From PTI)
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