Power Grid Update: The Board of Directors of India’s Maharatna company PowerGrid Corporation of India Limited (PGCIL) is going to consider two proposals to raise Rs 11,000 crore through bonds and debt of the company on 6 July 2022. According to POWERGRID, the stock exchange has been informed that the meeting of the Board of Directors of the company will be held on Wednesday, July 6.
The board of directors will consider raising Rs 6,000 crore from the domestic market. The amount will be raised in 20 tranches in the financial year 2023-24 on private employment basis through secured, unsecured, taxable, tax-free debentures or bonds. Apart from this, the board of directors can also take loans up to Rs 5,000 crore for a fixed period from commercial banks to meet the capital expenditure requirements of the company, this proposal will also be considered.
what is powergrid
Power Grid Corporation of India Limited (Power Grid) is a Schedule ‘A’, ‘Maharatna’ Public Sector Enterprise of the Government of India. Which was incorporated on 23 October 1989 under the Companies Act, 1956. POWERGRID is a listed company in which the Government of India holds 51.34% stake and the rest is with institutional investors and public.
company name record
POWERGRID has so far established a telecommunication network of about 73,409 KM across the country. Connectivity has been provided to about 458 POPs (points of presence) and 780 POIs (points of interconnection) including all metros, major cities and towns. Power Grid is one of the telecom companies having presence in North East and remote areas of Jammu & Kashmir and providing most dependable services to various customers.