NTPC will seek shareholders’ nod to raise up to Rs 15,000 crore through issuance of bonds in the annual general meeting scheduled for next month.
NTPC will seek shareholders’ nod to raise up to Rs 15,000 crore through issuance of bonds in the annual general meeting scheduled for next month. The funds are proposed to be raised on a private placement basis in one or more tranches not exceeding 30, as per the company’s notice for the annual general meeting (AGM).
The special resolution for AGM proposes 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, the notice said. The funds would be raised for capital expenditure, working capital and general corporate purposes, in the domestic market.
The AGM is scheduled for September 24.
The company has also sought 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 is proposed to include specific enabling provision regarding these new business segments in the objects clause of the company, it stated.
Recently, it was reported that the firm had received a ‘go-ahead’ from the Niti Aayog and Department of Investment and Public Asset Management (DIPAM) to set up a wholly-owned company for its renewable energy business.
The publicly listed NTPC currently has a total installed power generation capacity of 62.9 GW, with 70 power stations at a group level comprising of 24 Coal, 7 combined cycle gas/liquid fuel plants, 1 hydro, 13 renewables along with 25 subsidiary & JV power stations. The group has over 20 GW of capacity under construction, including 5 GW of renewable energy projects.
More recently, we had reported that the PSU had entered into an Energies to explore energy storage and renewable energy (RE) power supply solutions. Greenko had signed a Memorandum of Understanding (MoU) with NTPC Vidyut Vyapar Nigam, a wholly-owned subsidiary of NTPC.
The objective of the partnership is to explore the possibility of development of renewable energy-based round-the-clock, flexible and dispatchable power supply offerings based on the integration of RE sources and projects.