Power Grid Corporation Approves Rs 2,200 Crore Bond Issuance for Capex and Corporate Needs

29 Dec 2023 , 02:39 PM

Power Grid Corporation, a state-owned entity, approved the issuance of bonds to raise Rs 2,200 crore.

The decision aligns with the company’s plan to raise up to Rs 5,700 crore in FY 23-24 in multiple tranches.

The funds will be utilized to finance its capital expenditure requirements, provide inter-corporate loans to wholly-owned subsidiaries/JVs, and for general corporate purposes.

The committee of directors for bonds, in a meeting on Friday, specifically approved raising up to Rs 2,200 crore as the third tranche of bonds.

The base issue size for the bonds is Rs 500 crore, with a greenshoe option of Rs 1,700 crore, as per the regulatory filing.

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