The Power Grid Corporation’s board on Friday approved the plan to raise Rs 2,200 crore through bonds.
The company’s committee of directors for bonds, in their meeting on July 29, 2023, approved the proposal to raise up to Rs 5,700 crore in 2023-24 in multiple tranches to part finance its capex requirement, to provide inter-corporate loan(s) to wholly owned subsidiaries/JVs and general corporate purposes, according to a regulatory filing.
The committee of directors for bonds in their meeting on Friday approved the raising of up to Rs 2,200 crore towards the third tranche of bonds. The base issue size is Rs 500 crore with a greenshoe option of Rs 1,700 crore, the filing added.
Meanwhile, PowerGrid on Wednesday said it has acquired two special purpose vehicles from PFC Consulting for the implementation of electricity transmission projects.
The two special-purpose vehicles are Neemrana II Bareilly Transmission and Bikaner III Neemrana Transmission.
The Neemrana II Bareilly Transmission Ltd (NIIBTL) was acquired for an aggregate value of about Rs 18.47 crore including 10,000 equity shares at par at Rs 10 each along with assets and liabilities of the company as of December 27, 2023, according to a regulatory filing.
NIIBTL has been acquired after PowerGrid emerged as the successful bidder under Tariff-Based Competitive Bidding.
It will establish a transmission system for the evacuation of power from Rajasthan REZ Ph-IV (Part-1) (Bikaner Complex): PART-D, on build, own, operate and transfer basis.
PTI
