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Hot Pursuit
28-Mar-24
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NHPC gains as board OKs raising Rs 6,100 cr via debt
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NHPC rose 1.74% to Rs 90.10 after the company's board approved the proposal for raising of debt upto Rs 6,100 crore during financial year 2024-25.
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The company approved raising funds through 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.
Further, the board approved closure of Loktak Downstream Hydroelectric Corporation (a subsidiary company of NHPC and joint venture with Government of Manipur), subject to the approval of DIPAM, Ministry of Power and Manipur Government.
NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 31 December 2023, the Government of India held 70.95% stake in the company.
The power generation company reported 26.76% decline in consolidated net profit to Rs 491.90 crore in Q3 FY24 from Rs 671.67 crore recorded in Q3 FY23. Revenue from operations decreased 20.41% year on year (YoY) to Rs 2,055.50 crore in the quarter ended 31 December 2023.
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