PowerGrid seeks nod to raise ₹13,000 crore

Our Bureau Updated - January 24, 2018 at 08:15 PM.

Power Grid Corporation has sought shareholders’ approval to raise up to ₹13,000 crore from domestic and external sources in the current fiscal through eight tranches. The nod was sought 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’ nod was also sought for providing ₹1,400 crore of funds to PowerGrid’s wholly-owned special purpose vehicles – Vindhyachal Jabalpur Transmission Ltd, Gadarwara (A) Transco Ltd and Gadarwara (B) Transmission Ltd.

PowerGrid said in the filing that the investment in the special purpose vehicles is required to ensure the successful development of the projects.

The last date for shareholders to send their votes is May 15.

The company is seeking shareholders approval after its board had approved total investment of ₹1,481 crore in its various projects to be commissioned in the next two-three years.

These investment proposals include the one for installing transmission equipment at an estimated cost of ₹1,071.24 crore for the western region and setting up of transformers in Northern Region at an estimated cost of ₹63.56 crore.

Published on April 13, 2015 14:28