The committee of directors for bonds has approved raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds- LXXIV (74th) Issue 2023-24 on private placement basis. The company said that the proceeds will be used to part finance its capex requirements, to provide inter corporate loans to its wholly-owned subsidiaries and joint ventures, and for general corporate purposes by securitization of cash flows of four operational special purpose vehicles viz, POWERGRID Bhuj Transmission (PBTL), POWERGRID Khetri Transmission System (PKTSL), POWERGRID Medinipur Jeerat Transmission System (PMJTL) & POWERGRID Varanasi Transmission System (PVTSL) upto March 2034. Power Grid's bond issue will consists of a base issue size of Rs 500 crore along with a green shoe option of Rs 1,750 crore. The bonds are redeemable at par in 10 equal installments and interest payments will be made on a yearly basis. The company said that the interest rate is to be decided after bidding at electronic book provider (EBP) platform. The bonds are proposed to be listed on Bombay Stock Exchange (BSE) and/or National Stock Exchange (NSE). Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. The firm is a 閃aharatna' company under Ministry of Power, GoI. As of 30 June 2023, the Government of India owned a 51.34% stake in the company. The corporation reported 5.37% decline in consolidated net profit to Rs 3,597.16 crore in Q1 FY24 as against Rs 3,801.29 crore in Q1 FY23. However, total income rose marginally on YoY basis to Rs 11,257.60 crore in Q1 FY24. Shares of Power Grid Corporation of India were down 0.05% to Rs 199 on the BSE. Powered by Capital Market - Live News |