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( 01 Sep 2020)
NTPC to seek shareholders' nod to raise up to Rs 15,000 cr via bonds

NTPC will seek shareholders' nod to raise up to Rs 15,000 crore through issuance of bonds in the annual general meeting scheduled for next month.

The funds are proposed to be raised on private placement basis in one or more tranches not exceeding 30, as per the company's notice for the annual general meeting (AGM).

The special resolution for AGM proposes to make offers or invitations to subscribe to the secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures up to Rs 15,000 crore, the notice said.

The funds would be raised for capital expenditure , working capital and general corporate purposes, in the domestic market.

The AGM is scheduled for September 24.

The company has also sought members' approval to amend the Memorandum of Association (MoA) to provide focus on new business segments like e-mobility, waste-to-energy, manufacturing of value added products from fly ash, gypsum etc. and sea water desalination.

Presently, these businesses are covered under allied/ancillary industries, which means there is no specific provision regarding these segments in the MoA.

As NTPC is venturing into these areas in a big way, it is proposed to include specific enabling provision regarding these new business segments in the objects clause of the company, it stated.

The company has also sought shareholders' approval for appointment of Anil Kumar Gautam as Director (Finance), Ujjwal Kanti Bhattacharya as Director (Projects), Chandan Kumar Mondol as Director (Commercial), Ramesh Babu V as Director (Operations), Dillip Kumar Patel as Director (Human Resources), Ashish Upadhyaya as Government Nominee Director.