State-run power giant National Thermal Power Corporation Private (NTPC) will raise Rs 500 crore through the issuance of non-convertible debentures on a private placement on Friday.
"NTPC has decided to issue unsecured non-convertible debentures of Rs 500 crore on December 16, 2022, through a private placement at a coupon of 7.44 per cent per annum with a door-to-door maturity of 10 years 3 months 30 days on April 15, 2033," a BSE filing stated.
The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes, it stated.
The debentures are proposed to be listed on BSE. Debenture Trust Deed will be duly executed as per the requirements of and within the period of time prescribed under the Companies Act and rules specified therein.
These debentures are being issued under the recommendation of a board resolution dated July 29, 2022, and subsequent approval obtained through a shareholders’ resolution dated August 30, 2022.
This is the first issue of debentures under the mentioned approval, the filing stated.