Neyveli Lignite to raise $370 Million

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Mumbai: Neyveli Lignite's board has approved raising of up to $370 million (Rs 1850 crore) worth capital through various means. It has given an in-principle approval to raise $250 million (Rs 12.5 billion), either through local currency term loan or external commercial borrowings or by way of issuing bonds. According to a company statement, the coal miner and power generator also plans to raise $100 million (Rs 5 billion) through secured non-convertible taxable bonds by way of private placement, with an option to retain over-subscription of $20 million (Rs 1 billion). The company is also planning to raise capital for the projects presently under implementation.

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