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Power Grid to seek shareholders' nod for raising up to Rs 10,000 crore via bonds

30 Jul 2019

Power Grid Corporation of India is looking for shareholders’ approval in its annual general meeting scheduled for August 27 to raise up to Rs 10,000 crore through the issuance of bonds on a private placement basis.

A special resolution will be considered to raise funds up to Rs 10,000 crore, from domestic market through issue of secured/unsecured, non-convertible, noncumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during 2020-21 in up to twenty tranches/offer.

Earlier in its meeting on July 3, the company’s board approved raising up to Rs 10,000 crore in up to 20 tranches depending upon the requirement of funds during 2020-21 to finance of the firm's capital expenditure requirement, providing inter-corporate loans to wholly-owned subsidiaries, other purposes and for general corporate purposes.

Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India. Power Grid transmits about 50% of the total power generated in India on its transmission network.

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