Nhpc To Issue Rs 5 600 Crore Worth Corporate Bonds Next Financial Year

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NHPC to issue Rs 5,600 crore worth corporate bonds next financial year

ri-calendar-2-lineMar 30, 2023

By: BlinkX Research Team

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NHPC said in the exchange filing on Tuesday that it will be raising Rs 5,600 crore during FY24 via the sale of secured or unsecured, redeemable, taxable, non cumulative and non convertible corporate bonds. They will be issued in one or more tranches on a private placement basis for investors.

The company in its stock filing that the funds will be raised through the issuance of corporate bonds in one or more series/ tranches on a private placement basis and/ or raising of Term loans/ External Commercial Borrowings (ECB) in suitable tranches.

"It is to inform you that the Board of Directors of NHPC Limited in its meeting held on Tuesday, has considered and approved the proposal for raising Debt upto Rs 5,600 crore during the financial year 2023-24 through the issuance of secured/unsecured, redeemable, taxable, non-cumulative non-convertible 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.

The estimated maturity date of the corporate bonds to be issued by NHPC was not mentioned in the stock filing. Notably, corporate bonds owners don't own ownership in the company and receive their invested money after a certain time with interest fixed by the company.

The company had announced on March 23, to hold a meeting of the Board of Directors of the company to consider the proposal to raise debt upto Rs 5,600 crore during the next financial year with the issuance of corporate bonds. Soon after the announcement, the company stocks fell from Rs 40 per share to Rs 39 per share.

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