New Delhi, Jun 21 (PTI) State-run power giant NTPC board on Saturday approved the proposal to raise up to Rs 18,000 crore through the issuance of NCDs or bonds on private placement in the domestic market.

The board of directors of the company in its meeting on Saturday also considered and approved the draft notice of postal ballot in respect of seeking approval of shareholders of the company for issue of these non-convertible debentures (NCDs), as per a regulatory filing.

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The company also fixed the cut-off date of Friday for the purpose of reckoning the names of members, who are entitled for receiving postal ballot notice and voting rights, it said.

According to the filing, the board approved the issue of non-convertible debentures up to Rs 18,000 crore in one or more tranches/series not exceeding 12, through private placement in the domestic market during the period commencing from the date of passing of special resolution till completion of one year.

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