Powergrid Board Approves Raising Rs 2,200 Crore Via Bonds

State-owned Power Grid Corporation board on Friday approved raising of Rs 2,200 crore through bonds.

The company's committee of directors for bonds, in their meeting on Jul. 29, 2023, approved the raising of up to Rs 5,700 crore in FY 23-24 in multiple tranches to part finance its capex requirement, for providing inter corporate loan(s) to wholly owned subsidiaries/JVs and for general corporate purposes, according to a regulatory filing.

Further, it stated that the committee of director for bonds in their meeting on Friday approved the raising of up to Rs 2,200 crore towards the third tranche of bonds.

The base issue size is Rs 500 crore with a greenshoe option of Rs 1,700 crore, the filing added.