Neyveli Lignite – Taxable Bonds for Rs 500 crore

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Neyveli Lignite Corporation Board at its meeting held on December 26, 2008 have approved for the issue by way of private placement Secured Non – convertible Taxable Bonds for Rs 500 crore with an option to retain oversubscription of Rs 100 crore.

And has also given in-principle approval to borrow the balance debt portion of Rs 1,250 crore by way of Rupee Term Loan / External commercial Borrowings / Issue of Bonds, in one or more tranches.

The measures were taken in order to meet the balance capital expenditure requirements for the projects presently under implementation viz., Mine-II Expansion linked to TPS-II Expansion at Neyveli and Mine-cum-Thermal Project at Barsingsar.

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