Power Grid Corporation's board has approved the fund raise of up to Rs 5,700 crore this fiscal in multiple tranches via bonds, NCDs on a private-placement basis.
The fund raise will be used to partly finance its capex requirement, to provide inter-corporate loans to wholly-owned subsidaries or joint ventures and for general corporate purposes.
This will be done via securitisation of cashflows of four operational special purpose vehicles (SPVs) -- Powergrid Bhuj Transmission, Powergrid Medinipur Jeerat Transmission System, Powergrid Khetri Transmission System, and Powergrid Varanasi Transmission System -- up to March, 2034.
The company is raising Rs 500 core in the first tranche with a green shoe option of (additional) Rs 1,400 crore.
Shares of Power Grid had ended nearly 3.1 percent higher at Rs 258.25 on the Bombay Stock Exchange (BSE) on Friday, July 28.
