Power Grid to seek shareholders’ nod for raising Rs 10k cr via bonds

New Delhi, Aug 30 (IANS) Power Grid Corporation will seek its shareholders’ approval in its upcoming Annual General Meeting on September 22, to raise Rs 10,000 crore from the domestic market through bonds under private placement during the financial year 2021-22.

In a regulatory filing, the company said that the amount will be raised in up to 20 tranches.

Among other proposals, the company also put to vote the special resolution “to raise funds up to Rs 10,000 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 2021-22 in upto twenty tranches/offers”.

The company plans to utilise the amount for financing of capital expenditure, providing inter corporate loans to wholly-owned subsidiaries among other other purposes as may be approved by the Board of Directors or Committee of Directors for Bonds.

–IANS

rrb/sn/sdr/