NTPC to raise up to $1bn

National Thermal Power Corporation (NTPC) today decided to establish a medium term note (MTN) programme to raise up to $ 1 billion.

"NTPC has decided to set up an MTN programme of $ 1billion in order to facilitate raising debt funds frequently from the international markets at the opportune time," company officials said today.

NTPC has mandated Barclay's Capital, a division of Barclays Bank, and Deutsche Bank AG to set up the programme, they added.

The company is likely to raise the first tranche of around $200-250 million before the end of the current financial year.