Power Grid Approves Rs 2,250 Crore Bond Issue

28 Sep 2023 CW Team

The Power Grid Corporation, a Maharatna power company, has received approval from its board to raise Rs 22.5 billion through the issuance of bonds. The company announced on Monday that its board has given the green light to a proposal aimed at raising up to Rs 22.5 billion via bond issuance to support its capital expenditure.

According to a regulatory filing, the Committee of Directors for Bonds convened a meeting on September 25, 2023, during which they sanctioned the raising of up to Rs 22.5 bn in the second tranche for the fiscal year 2023-24.

This capital infusion will serve to partially finance the company's capital expenditure requirements, extend inter-corporate loans to its wholly-owned subsidiaries and joint ventures, and address general corporate needs by securing cash flows from four operational Special Purpose Vehicles (SPVs) until March 2034, as stated in the regulatory filing.

The four operational SPVs are POWERGRID Bhuj Transmission Ltd (PBTL), POWERGRID Khetri Transmission System Ltd (PKTSL), POWERGRID Medinipur Jeerat Transmission System Ltd (PMJTL), and POWERGRID Varanasi Transmission System Ltd (PVTSL).

The POWERGRID Bonds - LXXIV (74th) Issue for the fiscal year 2023-24 will have a base issue size of Rs 5 billion, with an additional green shoe option of Rs 17.5 billion, making a total of Rs 22.5 billion. These bonds will be redeemable at par in ten equal installments, with annual interest payments.

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