Power Grid Corporation has received shareholders’ approval to raise up to ₹ 13,000 crore from domestic and external sources in the current fiscal through eight tranches. The nod was received through a postal ballot.
The company said in a filing on the BSE that the funds are for financing the capital expenditure and provide loans to its wholly-owned special purpose vehicles handling its projects acquired under tariff based competitive bidding.
Shareholders also approved sought for providing ₹ 1,400 crore of funds to Power Grid’s wholly-owned special purpose vehicles – Vindhyachal Jabalpur Transmission Ltd, Gadarwara (A) Transco Ltd and Gadarwara (B) Transmission Ltd.
Power Grid said in the filing that the investment in the special purpose vehicles is required to ensure the successful development of the projects.