Power Grid Board approves raising of Rs11000 crore through debt

7 Jul 2022 , 09:04 AM

The board of Power Grid has approved raising of Rs 11,000 crores through the domestic market and in part through the approval of a rupee term loan, according to a release from Power Grid Corporation of India Limited.

The next financial year 2023—2024 will see the issuance of secured unsecured, non-convertible, noncumulative cumulative, redeemable, taxable/tax-free debentures/bonds under the private placement, raising a total of Rs. 6,000 crores from the domestic market in twenty tranches, according to the press release.

A commercial bank will grant the last Rs. 5000 crores via a Rupee Term Loan of up to Rs. 5000 crores. The Board of Directors stated in the statement that these monies will be used to cover the company’s capital expenditure and other business obligations.