Puducherry

NLCIL lights up boiler of new power project

NLC India Limited (NLCIL) lit up the boiler of the second unit of the upcoming 2 x 500 MW lignite-fired Neyveli New Thermal Power Project (NNTPP).

According to an NLCIL press note, this follows the lighting up of the boiler of the first unit of the same project in December 2018 and its synchronising with the grid in March this year.

The 500 MW capacity lignite-fired boilers are first of its kind in India, the NLCIL added.

Bonds issue

Meanwhile, further to the approval of the Board of Directors, the company has in the first tranche floated bonds amounting to ₹500 crore with a ‘green shoe’ (a demand-linked over-allotment option) to retain over subscription upto ₹1,500 crore on the BSE electronic bidding platform.

A total bid amount of ₹1,887 crore was received with a coupon rate in the range of 7.93% p.a. to 8.50% p.a. and it was decided to accept subscription upto ₹1,475 crore at a coupon rate of 8.09% p.a. — the rate being a benchmark in the debt market.

In the long-term, NLCIL is seeking to issue a variety of bonds of ₹10 lakh each aggregating to ₹2000 crore for a period of 10 years through private placement in the first tranche.

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Printable version | Mar 4, 2021 6:59:21 AM | https://www.thehindu.com/news/cities/puducherry/nlcil-lights-up-boiler-of-new-power-project/article27474701.ece

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