CESC is planning to seek shareholders' nod to mortgage its immovable or movable properties for financial assistance and term loans of up to Rs 1,900 crore. According to the notice for the AGM (Annual General Meeting) scheduled on July 29, the company will mortgage properties in favour of Bank of Baroda for a term loan of Rs 300 crore; State Bank of India for a term loan of Rs 300 crore and Union Bank of India for a term loan of Rs 300 crore. Similarly, it will also mortgage properties in favour of any public financial institution to avail financial assistance of a sum not exceeding Rs 1,000 crore. The resolution is listed on the agenda of the AGM on July 29, 2022.
CESC is engaged in power generation and distribution in state of West Bengal. The company is a fully integrated power utility with its operation spanning the entire value chain right from mining coal, generating power and distribution of power.
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