Categories: Business

NTPC has raised Rs 24,056 crore from debt in the last financial year, Federal Bank will buy stake in Life Insurance Enterprise for 80 crore

Photo: GOOGLE

NTPC reports incremental borrowings of Rs 24,056 crore for FY20

new Delhi. Public sector company NTPC has raised a debt of Rs 24,056.50 crore in the last financial year 2019-20. Thus, as on 31 March 2020, the company has a total debt of Rs 1,07,373.37 crore. NTPC said in a communication sent to the stock markets that the original maturity period of the increased debt is more than one year. This excludes External Commercial Credit (ECB).

The company raised Rs 7,356.50 crore by issuing debt securities in 2019-20. During the financial year, the company was required to raise an amount of Rs 6,014.13 crore by issuing debt securities. NTPC acquired the entire stake of the government in Tehri Hydro Power Complex (THDCIL) India and North Eastern Electric Power Corporation (NEEPCO) for Rs 11,500 crore during the last financial year. The country's largest power generation company currently has an installed capacity of 62,110 MW. NTPC has 45 stations and 25 joint venture stations. NTPC has a long-term corporate plan to become a 130 GW company by 2032.

Federal Bank to buy four percent additional stake in Life Insurance JV for Rs 80 crore

Federal Bank of South India Life Insurance joint venture IDBI will buy four percent additional stake in Federal Life Insurance for Rs 80 crore. Federal Bank Managing Director and CEO (CEO) Shyam Srinivasan said that we will acquire an additional four per cent stake in the joint venture from public sector IDBI Bank. This will increase our stake in a 12-year-old company to 30 percent.

He said that this is the maximum shareholding limit under the regulations. He said IDBI Bank will reduce its 48 percent stake in the company to 21 percent. For this, he will sell a 27 percent stake. However, Srinivasan did not provide any deadline for this. Where Federal Bank will buy a four percent stake in the company. His Netherlands partner Aegis Insurance International NV will acquire a 23 percent stake. This will increase its stake in the joint venture to 49 percent. For a foreign partner, this is the maximum shareholding limit in a life insurance venture.

This post was published on June 25, 2020 3:11 pm

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…