NHPC plans to raise up to Rs 2,000 crore via debt

State-controlled NHPC on Monday said its board would consider a proposal to raise up to Rs 2,000 crore through various debt instruments. The company, in an exchange filing, said that its board will meet on December 28 to consider the proposal to raise debt through the issuance of corporate bonds on private placement basis, or via term loans or external commercial borrowings (ECB) in suitable tranches.

"The board of directors of NHPC Limited in its meeting scheduled to be held on Saturday, December 28, 2019 inter-alia will consider the proposal for raising of Debt up to Rs 2,000 crore during FY19-20 through issuance of corporate bonds in one or more series/tranches on private placement basis and/or raising of term loans/external commercial borrowings (ECB) in suitable tranches," the company said in exchange filings.

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In a separate development, NHPC informed the exchanges that the power ministry has scrapped the auction to procure 2,500 MW electricity. The power ministry now has advised nodal agency Power Finance Corporation's arm PFC Consultancy Ltd (PFCCL) to call the bids again.

"PFCCL appointed NHPC as "aggregator" (in March this year) under pilot scheme-II for procurement of aggregated power of 2500 MW. Now, present bidding process under the scheme has been annulled by Ministry of Power (MoP), Government of India. Further, MoP advised PFCCL (Nodal Agency) to undertake re-bidding process," NHPC said.

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Meanwhile, shares of NHPC closed Monday's trade at Rs 23.80 apiece, down 1.86 per cent, on the Bombay Stock Exchange.

Edited by Chitranjan Kumar