NTPC picks up Rs. 3000 cr loan from ICICI Bank
Published: Aug 30, 2017
By TIOLCORPLAWS News Service
NEW DELHI, AUG 30, 2017: The India's largest energy conglomerate National Thermal Power Corporation (NTPC) Limited yesterday signed a term loan agreement for Rs. 3000 crore with ICICI Bank Ltd. The loan agreement was signed in the presence of Mr. K.Biswal, Director (Finance), NTPC Ltd.
The loan has a door to door tenure of 15 years and will be utilised to part finance the capital expenditure of NTPC.
The NTPC commissioned 3,845 MW capacity and added 2,190 MW to its commercial capacity during 2016-17. The installed capacity of the group is 51,671 MW as on July 31, 2017 and has over 28,000 MW of capacity under construction.
The Government has targeted to raise Rs. 72,500 crore in 2017-18 through stake sale in PSUs. This includes Rs 46,500 crore from minority stake sale, Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from a listing of PSU insurance companies.
So far in the current fiscal, the Government has raised over Rs. 8,800 crore through disinvestment in six companies, including selling a stake in L&T through Specified Undertaking of Unit Trust of India (SUUTI) and a share buyback.
The two-day OFS was opened for institutional investors on Tuesday and retail investors would get to bid on Wednesday. The Government would garner Rs 7,000 crore by selling 5% stake through the two-day OFS, with an option to retain a similar portion in case of over-subscription.