Power Grid Corp mulls shareholders' approval to raise Rs6,000 crore

8 Aug 2022 , 10:46 AM

The state-owned power player, Power Grid Corporation of India informed that it will seek shareholders’ approval on August 29, 2022, in order to raise up to Rs6,000 crore via issuing bonds during the financial year 2023-24.

The utility is planning to raise funds from domestic sources through private placement of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free bonds in one or more tranches. However, the total number of tranches shall not exceed twenty tranches/offers.

The said proposal is one of the agendas of the Annual General Meeting (AGM) to be held on August 29, 2022.

The company stated that the said funds will be utilized to finance capital expenditure, to provide inter-corporate loans to wholly owned subsidiaries, or for any other purposes as the board may approve for general corporate purposes.

Power Grid Corporation has been established by the Government of India (GoI), which owns a 51.34% stake in the company as of now.

The company will also consider the results of Q1FY23, Today, August 8, 2022.

At around 10.50 AM, Power Grid Corporation was trading at Rs224.15 up by Rs0.65 or 0.29% from its previous closing of Rs223.50 on the BSE. The scrip touched intraday high and low of Rs226.15 and Rs223.40 respectively.