NTPC board to raise US $6 billion through bonds

State-run National Thermal Power Corporation (NTPC), on Wednesday said its board has approved the proposal to increase the amount to be raised by issuing bonds in international markets to US $6 billion from US $4 billion.

"The Board of Directors, in its meeting held on April 19, 2017, has accorded approval for updating and upsizing the US $4 billion MTN (medium term note) programme up to US $6 billion for raising debt from international markets to part finance capital expenditure on new/ongoing projects, coal mining projects, renovation and modernisation of power stations and for other permissible end uses," it said in a BSE filing.

According to the statement, the board has also approved the proposal to issue Notes up to Rs 50 billion (Rupee denominated bonds) and/or up to US $750 million equivalent (foreign currency bonds other than Rupee denominated) in the international markets either under the MTN programme or on standalone basis in one or more tranches.