Comments
State-run Power Grid Corp has got shareholders’ approval to raise up to Rs 20,000 crore through issuance of non-convertible bonds on a private placement basis in the next fiscal.
PowerGrid informed the BSE that at the AGM held on September 19, a special resolution was passed to raise funds up to Rs 20,000 crore from domestic market through issuance of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds on a private placement basis in 2018-19 fiscal.
The funds will be raised in up to 20 tranches/offers, it said.
These funds would be used for financing the company’s capital expenditure requirement, providing inter corporate loans to wholly-owned subsidiaries and for general corporate purposes.
The company said Rs 25,000-30,000 crore is the expected capital expenditure (capex) during 2018-19. In order to have a debt equity mix of 70:30, Rs 17,500-21,000 crore is estimated to be mobilised as debt and the balance Rs 7,500-9,000 crore from internal resources during next fiscal.
Besides, the shareholders also approved the proposal to enhance the borrowing limit from Rs 1,50,000 crore to Rs 1,80,000 crore, it said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.