India’s NTPC board approves upsizing note program, new note issue

By Tali Rackner

Minneapolis, April 19 – NTPC Ltd. informed the Bombay Stock Exchange that its board of directors met on Wednesday and approved upsizing the medium-term note program to $6 billion from $4 billion.

In addition, the board approved a proposal to issue up to Rs. 50 billion and/or up to $750 million-equivalent (foreign-currency bonds other than Rupees) of notes in the international markets.

The notes will either be issued under the medium-term note program or on a standalone basis, in one or more tranches, to finance the capital expenditure of new and ongoing projects, coal mining projects, renovation and modernization of power stations and/or for other purposes.

NTPC is a New Delhi-based power company.

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