 "money, cash, private equity")
NLC India Ltd, on Monday, said its board has approved raising up to Rs 5,000 crore through the issuance of debentures in the current financial year (FY2023-24).
NLC India's board has also approved a proposal for the incorporation of a wholly-owned subsidiary company to take over the existing renewable assets.
In a regulatory filing, NLC India said, “The board of directors will consider and approve incorporation of a wholly owned subsidiary company to take over the existing renewable assets in the name of ‘NLC India Renewables Limited’ or any other name as may be made available/approved by Ministry of Corporate Affairs.”
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The company said, "The board of directors approved the following issuance of bonds in the nature of debentures up to Rs 5,000 crore in tranches during the FY 2023-24."
Under the Ministry of Coal, NLC India operates three opencast lignite mines having a total of capacity 30 million tonnes per annum (MTPA) at Neyveli in Tamil Nadu, one opencast lignite mine at Barsingsar in Rajasthan with an installed capacity of 2.10 MTPA and an open cast coal mine at Talabira in Odisha with an installed capacity of 20 MTPA.
The company is also into the production of thermal as well as renewable energy-based power.
Earlier, NLC India Ltd reported a consolidated loss of Rs 396.35 crore for the quarter ended on December 31, 2022.
The company had posted a consolidated profit of Rs 229.88 crore in the corresponding quarter of the previous fiscal, NLC India said in a regulatory filing.
The consolidated income of the company during the October-December period increased to Rs 3,982.49 crore, over Rs 2,845.08 crore in the year-ago period, the filing said.
The PSU said that its board has declared an interim dividend of 15 per cent, i.e. Rs 1.50 per equity share, for 2022-23.
NLC India, which comes under the coal ministry, is into mining and power generation.
(With inputs from agencies)
