NHPC Board to consider raising up to Rs 900 crore

New Delhi: NHPC on Friday said its board will next week consider raising up to Rs 900 crore through issuance of secured non-convertible corporate bonds on private placement basis to meet debt requirement and refinancing PFC loan.

"A meeting of the Board of Directors will be held on April 26, 2016 to consider raising of debt up to Rs 900 crore through issuance of U-Series secured Redeemable Non cumulative Non Convertible Corporate bonds in the nature of debentures on private placement basis to meet debt requirement of Parbati-ll project and to refinance PFC loan for TLDP-IV Project," the state-run firm said in a filing to BSE.

"Out of this, Rs 276 crore will be covered under IEBR 2016-17 and balance for recoupment of IR and refinance purpose," the filing said.

In a separate filing, NHPC said Rangit 3X20 MW power station in Sikkim, under complete shutdown from April 18 for replacement of MIV Seal of Unit 2, has started generation on April 21.

The company has a cash reserve of around Rs 6,000 crore. The cumulative power generation of all NHPC power stations stood at 21,460 MU against the excellent target of 19,746 MU up to January, 2016.