Power Grid has approved the plans to raise up to Rs 12,000 crore through bonds issue in the current financial year. The company said that the bond issue may be in one or more tranches/series during the financial year on private placement basis, according to a statement.
"The Committee of Directors for Bonds in their meeting held on 17th April, 2024 has approved the raising of Bonds as Unsecured, Non-convertible, Non-cumulative, Redeemable, Taxable POWERGRID Bonds Issue(s) during FY 2024-25 in one or more tranches/series upto Rs. 12,000 Crore," the company said in an exchange filing on Wednesday.
The tenure of the instrument will be decided tranch wise and the coupon/interest offered will be decided after bidding at Electronic Book Provider platform.
Shares of Power Grid closed almost flat at Rs 274 apiece on the BSE on Tuesday as compared to 0.6% fall in benchmark Sensex. The stock has gained over 58% in a year's period.
Power Grid is a public sector undertaking engaged in the business of transmission of power through its EHVAC/HVDC transmission network.
The company's net profit rose about 11% to Rs 4,028 crore during the December quarter on the back of its income rising to Rs 11,820 crore in Q3 FY24 versus Rs 11,530 crore a year ago.
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