BackPower Grid raises Rs. 900 Cr via non-convertible bonds
Maharatna company Power Grid Corporation of India on Thursday said that its board has approved raising up to ₹900 crore through the issuance of non-convertible bonds on a private placement basis.
PremiumMaharatna company Power Grid Corporation of India on Thursday said that its board has approved raising up to ₹900 crore through the issuance of non-convertible bonds on a private placement basis. With a green shoe size of Rs. 600 crore, the base issue size will be Rs. 300 crore. The bond will be listed on the NSE or the BSE Limited, according to the company.
“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 (71st) Issue 2022-23 on Private placement upto Rs. 900 Crore by securitization of cashflows of 10 years i.e, till FY 2032-33 of its operational SPV viz.,“POWERGRID Mithilanchal Transmission Limited (PMTL)," said Power Grid Corporation in a regulatory filing.
In a separate filing, the Board of Directors informed stock exchanges that “Power Grid Corporation of India Limited 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. The Letter of Intent (LoI) has been received by Power Grid Corporation of India Limited on 7th March, 2023. The Scope of the project comprises of establishment of a 765kV D/c Transmission Line along with associated Line Bays in the State of Rajasthan."
Two projects worth ₹4,040.98 crore have recently received approval from the board of directors of the Power Grid Corporation of India Ltd for grounding in the Kurnool region of Andhra Pradesh. The first project, which is expected to cost ₹524.04 crore, will be built at Kolimigundla and ought to be operational by November 2025. A transmission system for Kurnool's wind and solar energy zones, with an estimated cost of ₹3,546 crore and an expected completion date of November 2024, is the second project.
The shares of Power Grid Corporation of India closed today on the NSE at ₹226.25 apiece level, down by 0.79% from the previous close of ₹228.05. In the last 1 year, the stock has gained 8.33% and on a YTD basis, it has gained 5.21% so far in 2023. The stock touched a 52-week-high of ₹248.35 on (10-May-2022) and a 52-week-low of ₹186.35 on (26-Sep-2022).
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