What the board approved
At its meeting on 24 July 2026, NTPC's board approved the issue of non-convertible debentures through private placement in the domestic market, subject to shareholder approval. Per the filing, the debentures may be secured or unsecured, redeemable, taxable or tax-free, and cumulative or non-cumulative — a broad structure that leaves the company room to shape each tranche differently.
How the programme would work
The debentures may be issued in one or more tranches or series, capped at twelve. The window runs from the date the special resolution is passed until one year later, or the next Annual General Meeting in FY2027-28, whichever comes first. NTPC noted that the size, tenor, listing venue (BSE and/or NSE), coupon or interest rate, and security of each tranche will be decided at the time of issue — so the specific terms are not yet fixed.