On Wednesday, the PGCIL board will review plans to raise Rs11,000 crore

30 Jun 2022 , 01:51 PM

On July 6, 2022, the board of the publicly traded Power Grid Corporation of India Ltd (PGCIL), a state-owned corporation, will review and approve two proposals to raise up to Rs11,000 crore through the issue of bonds and term loans.

On July 6, the Board of Directors will meet, according to a BSE filing.

A proposal to raise up to Rs6,000 crore from the domestic market through the issuance of secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-free, debentures/bonds under private placement during the Financial Year 2023—24 in up to twenty tranches/offers will be considered and approved by the board, according to the filing.

In order to meet the needs for capital expenditures, the board would also evaluate and approve a different request for the sanction of a rupee term loan from a commercial bank of up to Rs5,000 crore.