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Power Grid Corp board to mull fund raising on 6 July

Power Grid Corporation of India on Thursday announced that its board will meet on 6 July 2022, to consider fund raising upto Rs 6,000 crore via issuance of bonds, on private placement basis.

June 30, 2022 12:15 IST | capital market
The board of the PSU company will consider and approve raising funds upto Rs 6,000 crore, from domestic market through issue of secured/ unsecured, non-convertible, noncumulative/ cumulative, redeemable, taxable/ tax-free debentures/ bonds under private placement during the financial year 2023-24 in upto twenty tranches/offers. The companys board will also consider sanctioning a rupee term loan of upto Rs 5,000 crore from Commercial Bank to meet capital expenditure requirements. Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 March 2022, the Government of India owned 51.34% stake in the company. On a consolidated basis, the companys net profit rose 17.9% to Rs 4,156.44 crore on a 1.7% rise in net sales to Rs 10,686 crore in Q4 FY22 over Q4 FY21. Shares of Power Grid Corporation of India were up 0.47% to Rs 212.55 on the BSE. Powered by Capital Market - Live News

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