Power Grid board approves proposals to raise up to Rs 11,000 crore

The board of state-owned Power Grid Corporation of India Ltd (PGCIL) on Wednesday approved two proposals to raise up to Rs 11,000 crore through the issuance of bonds and term loans.

The proposals to raise Rs 11,000 crore have been approved in a meeting of the board of directors on Wednesday, July 6, 2022, a BSE filing said.

As per the filing, the board approved a proposal to raise funds up to Rs 6,000 crore from the domestic market through the issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during the financial year 2023-24 in up to twenty tranches/offers.

The board also approved another proposal for sanction of a rupee term loan of up to Rs 5,000 crore from commercial banks to meet capital expenditure requirements.