No share buyback plans this fiscal: NTPC
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Government-run NTPC on Monday said that its capacity expansion plans combined with relatively smaller cash reserve at the end of last fiscal wouldn’t allow it to buy back shares this fiscal. The company added that it hasn’t received any communication from the government regarding the same.
“The condition for share buyback is ideal only when you have sufficient cash reserves or you do not have any capex plan but we have about 24,000 MW of projects under construction, which require R1,00,000 crore of capital expenditure,” Kulamani Biswal, director finance, NTPC said while ruling out share buyback in the near future.
The country’s largest thermal power producer has cash reserves of R4,400 crore at the end of last fiscal. The company incurred capex of nearly R26,000 crore for FY 16, 112% of the target utilisation of R23,000 crore.
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