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Power Grid Corporation surges on seeking shareholders' nod for raising up to Rs 10,000 crore via bonds

31 Jul 2019

Power Grid Corporation is currently trading at Rs. 211.70, up by 3.45 points or 1.66% from its previous closing of Rs. 208.35 on the BSE.

The scrip opened at Rs. 208.00 and has touched a high and low of Rs. 212.10 and Rs. 206.20 respectively. So far 105217 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 214.25 on 25-Jul-2019 and a 52 week low of Rs. 173.05 on 14-Feb-2019.

Last one week high and low of the scrip stood at Rs. 214.25 and Rs. 206.20 respectively. The current market cap of the company is Rs. 110805.07 crore.

The promoters holding in the company stood at 55.37%, while Institutions and Non-Institutions held 40.15% and 4.48% respectively.

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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SEBI Registered: Investment Adviser - INA000013323