Country's largest power producer NTPC has sought shareholders' nod for raising up to Rs13,000 crore through issue of securities.
The proceeds would be mainly used for capital expenditure as the company is "under a rapid capacity expansion mode".The power utility is looking to raise up to Rs13,000 crore through private placement of securities, according to the notice send by the company to shareholders for the annual general meeting. The meeting is scheduled for August 27.
"... Approval of the shareholders is being sought to authorise the board of directors to make offer(s) or invitation(s) to subscribe to the secure/unsecured, redeemable, taxable/tax-free, cumulative/ non-cumulative, non-convertible debentures up to Rs13,000 crore," the notice said.The amount could be raised in one or more tranches, through private placement, in "domestic and or in international markets," it added.
It would be valid for one year from the date of getting shareholders' nod or till the date of annual general meeting whichever is earlier.