NTPC rose 1.63% to Rs 171.95 after the company said that it will raise Rs 500 crore through issuance of unsecured non-convertible debentures (NCDs), on private placement basis on 16 December 2022.
The state-run power major said that the NCDs will be issued at a coupon rate of 7.44% p.a. with a maturity of 10 years 3 months 30 days (date of maturity being 15 April 2033).
In an exchange filing, the company said, NTPC has decided to issue unsecured non-convertible debentures of Rs 500 crore on 16 December 2022, through private placement at a coupon of 7.44% p.a. with a door to door maturity of 10 years 3 months 30 days on 15 April 2033.
The proceeds will be utilized for funding of capital expenditure, refinancing of existing loans and other general corporate purposes, NTPC stated.
The debentures are proposed to be listed on the BSE.
The company said that these debentures are being issued under the recommendation of board resolution dated 29 July 2022 and subsequent approval obtained through shareholders' resolution dated 30 August 2022. This is the first issue of debentures under the mentioned approval, it added.
Also Read
NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As on 30 September 2022, the Government of India holds 51.10% in NTPC.
The company's consolidated net profit declined 7.2% to Rs 3,338.45 crore despite of 36.3% jump in revenue from operations to Rs 44,175.03 crore in Q2 FY23 over Q2 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content