NLC India to raise up to Rs 2,000 cr

NLC India Ltd on Saturday announced its plans to raise up to Rs 2,000 crore through commercial paper.

"The board of directors of the company in its meeting held today...approved the proposal for raising of funds through issuance of commercial paper up to Rs 2,000 crore in tranches," NLC India Ltd said in a filing to the BSE.

Commercial paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable and inventories and meeting short-term liabilities.

NLC India Ltd is a navratna company under the ministry of coal. The present mining capacity (of lignite) of the PSU is 30.6 million tonnes per annum (MTPA).

NLC India has five pithead thermal power stations with an aggregate capacity of 3240 mw.