National Thermal Power Corporation (NTPC) will seek shareholders' approval to raise up to Rs 12,000 crore through the issuance of non-convertible debentures in the annual general meeting on August 30, the company said in the annual report for 2022.

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The company said that the funds will be raised in one or more tranches (not exceeding 12) through private placement and will be used as capital expenditure, working capital and for general corporate purposes.

This will be done through private placement, in the domestic market for capex, working capital and general corporate purposes, during the period commencing from the date of passing of Special Resolution till completion of one year, thereof or the date of the next AGM in the financial year 2023-24, the company said.

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"It is pertinent to mention that the period of low dispatch of power from our stations and 'supply overhang' in the country seems to be over," said Gurdeep Singh, NTPC chairman.

Singh told shareholders, "Even though our coal-based project pipeline has become slim, all the remaining projects are either pithead or situated on the mine. With the commissioning of these projects, our generation share shall see a further rise. As we march ahead in our capacity addition programme, we are planning to achieve 75 GW capacity by August 15, 2023."

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The company on July 29 reported a 16.9 percent year-on-year (YoY) jump in net profit at Rs 3,676.4 crore for the first quarter ended June 30, 2022, on the back of higher income.

Shares of NTPC closed at Rs 159.9, up of 2.76 per cent from the previous close on the BSE.

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(Edited by : Nishtha Pandey)