OPEN APP
Home / Markets / Stock Markets /  Board of Maharatna company announces record date for dividend for FY 2021-22
Listen to this article

With a market valuation of Rs. 1,55,901.37 Cr, Power Grid Corporation of India Ltd. is a large cap company that operates in the power industry. The government of India's Schedule "A," "Maharatna," public sector enterprise, Power Grid Corporation of India Limited (POWERGRID), is the country's leading provider of electric power transmission services. For the fiscal year 2021–2022, the Board of the firm recommended a final dividend of Rs. 2.25 per share (i.e., @ 22.50 percent on the paid-up equity share capital), subject to the approval of the shareholders at the upcoming Annual General Meeting of the Company. In order to determine the eligibility of the shareholders, the company has announced the record date which shareholders need to be aware of.

The company had earlier said in a regulatory filing that “Further, in terms of Regulation 30 & 43 of SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, it is informed that Board in its meeting held on 21st May, 2022 has recommended a final dividend of Rs. 2.25 per share (i.e. @ 22.50% on the paid up equity share capital} for the financial year 2021-22 subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company. The final dividend would be paid within 30 days from the date of its declaration at the AGM."

Yesterday on 6th August, the Board of Directors of the company informed stock exchanges that “Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that the Company has fixed the Record Date/Cut-off Date as 22nd August, 2022 for determining the entitlement of the members for payment of final dividend on Equity Shares and for the purpose of 33rd Annual General Meeting of the Company. Further, pursuant to Regulations 29 & 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is also hereby informed that the Final Dividend on Equity Shares, if declared by the Members at the 33rd Annual General Meeting scheduled to be held on 29th August, 2022, will be paid/dispatched on 20th September, 2022."

The proposal to raise 6,000 crore via bonds in 2023–2024 was accepted by the PGCIL board on July 6. This amount would be used to fund capital expenditure requirements, offer intercorporate loans to fully owned subsidiaries, and for other objectives. Power Grid Corporation of India (PGCIL) would seek shareholders for permission on August 29 to issue bonds in order to fund the same, as per PTI. On the agenda of the annual general meeting (AGM) on August 29, 2022 is a proposal to raise up to 6,000 crore from the domestic market through the issue of bonds on a private placement basis during the fiscal year 2023–24, in up to twenty tranches/offers. 

According to the notice of the AGM, 8,500 crore is being taken into account as projected capital expenditure (CAPEX) during the fiscal year 2023–24. It continued to say that for the fiscal year 2023–2024, an amount of 6,000 crore is anticipated to be raised as debt and the outstanding amount from internal resources in order to achieve a debt-equity mix of 70:30. According to the report from PTI, the anticipated borrowing for FY 2023–24 will fall within the total borrowing limits of Rs. 1,80,000 crore. Currently, CRISIL, ICRA, and CARE, three domestic rating agencies, have assigned the PGCIL domestic bonds the highest credit grade of AAA.

The shares of Power Grid Corporation of India Limited closed on Friday at 222.50 apiece, up by 0.77% from the previous close. On a YTD basis, the stock has gained 8.54% so far in 2022. 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout