INSUBCONTINENT EXCLUSIVE:
New Delhi: State-owned Power Grid today said it has sought shareholders' approval for raising Rs 20,000 crore through bonds or debentures on
private placement basis in 2019-20 in its annual general meeting on September 18.
The proposal to raise funds up to Rs 20,000 crore, from
domestic market through issue of secured /unsecured, non-convertible, noncumulative/ cumulative, redeemable, taxable/tax-free
debentures/bonds under private placement during 2019-20 in up to twenty tranches/offers, is listed on the agenda of annual general meeting
on September 18, as per a BSE filing.
The board in 355th meeting held on 10th July, 2018, approved raising of Rs 20,000 crore in up to
twenty tranches, depending upon the requirement of funds in 2019-20 for capital expenditure, providing inter corporate loans to wholly owned
subsidiaries and for general corporate purposes.
An amount of Rs 25,000 crore to Rs 30,000 crore is being considered as expected capital
expenditure during 2019-20
In order to have a debt equity mix of 70:30, an amount of Rs 17,500 crore to Rs 21,000 crore is estimated to be mobilised as debt and
balance Rs 7,500 crore to Rs 9,000 crore from internal resources during next fiscal.
The company said that the proposed borrowing for
2019-20 will be within overall borrowing limits of Rs 1,80,000 crore and the board recommended passing of the resolution.
