Power Grid Corporation board to raise Rs 900 cr via bonds

13 Mar 2023 CW Team

The state-owned Power Grid Corporation of India announced that its board of directors has approved a private placement of non-convertible bonds worth up to Rs 900 crore.

"Committee of Directors for Bonds, in their meeting held today i.e. on 9th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXI (71 st) issue 2022-23 on private placement up to Rs 900 crore by securitization of cash flows of 10 years i.e, till FY 2032-33 of its operational SPV viz., 'POWERGRID Mithilanchal Transmission Ltd (PMTL)'," a BSE filing said.

The base issue size will be Rs 300 crore, with a Rs 600 crore green shoe option.

The issue will be traded on the NSE and/or the BSE Ltd.

In a separate filing, the company said, "Power Grid Corporation of India Ltd has been declared as successful bidder under tariff based competitive bidding to establish inter-state transmission system for Transmission System Strengthening Scheme for evacuation of power from solar energy zones in Rajasthan (8.1 GW) under Phase-II Part-E' on build, own, operate and maintain (BOOM) basis."

Power Grid Corporation of India Ltd received the Letter of Intent (LoI) on March 7, 2023, according to the statement.

The project's scope includes the construction of a 765kV D/c transmission line in Rajasthan, as well as associated line bays.

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