Japanese bank MUFG lends USD 100 mn to NHPC to finance ongoing projects

State-owned NHPC on Friday said its board has approved raising around USD 100 million from MUFG Bank, Japan's largest bank, to partly finance its ongoing projects. The company's board, which met Friday, has approved raising of the fund through external commercial borrowing (ECB) in JPY equivalent to USD 100 million from MUFG Bank to part finance the capital expenditure on on-going projects, other permissible activities, NHPC said in a regulatory filing.

The board also approved the issuance of "fully serviced bonds" of up to Rs 2,017.20 crore as per mandate was given by the government for 2018-19 through unsecured, redeemable, taxable, non-cumulative, non-convertible, taxable bonds in one or more series or tranches on private placement basis from the domestic market, it added.