NHPC board clears proposal to raise Rs 2,000 crore via corporate bonds

NEW DELHI: State-owned NHPC's board has approved a plan of raising Rs 2,000 crore through corporate bonds on a private placement basis.

"The board of directors of NHPC Ltd at its meeting held today... has considered and approved the proposal of raising corporate debentures/bonds aggregating Rs 2,000 crore instead of Rs 5,000 crore on a private placement basis subject to shareholders' approval through special resolution at the next annual general meeting of the company," the power generator said in a filing to the BSE today.

NHPC Ltd was incorporated in 1975 with an authorised share capital of Rs 2,000 million and with an aim to plan, promote and organise integrated and efficient development of hydroelectric power.

NHPC later expanded its ambit to include development of power in all its aspects through conventional and non- conventional sources in India and abroad.

NHPC is a Mini Ratna category-I enterprise with an authorised share capital of Rs 1,50,000 million.