Power Grid board eyes July 10 fundraising | Capital Market News

Power Grid Corporation of India said its board of directors is expected to meet on July 10, 2024 to consider and approve the fundraising proposal.

The company will consider borrowing funds up to Rs 16,000 crore during the financial year (FY) 2025-26 through various sources including domestic bonds (secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-exempt through private placement).

Further, the Board will explore the possibility of increasing the current borrowing limits of Rs 12,000 crore to Rs 15,000 crore during the financial year 2024-25 by issuing secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-exempt debentures through private placement from domestic/other sources.

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Power Grid Corporation of India was established by the Government of India (GoI) as the central electricity transmission utility of India. The company is a Maharatna Corporation under the Ministry of Power, GoI. As of March 31, 2024, the Government of India held a 51.34% stake in the company.

The company’s consolidated net profit declined 3.62 per cent to Rs 4,166.33 crore due to a 2.5 per cent decline in operating revenue at Rs 11,978.11 crore in Q4FY24 as compared to Q4FY23.

The stock rose 1.21% to close at Rs 339.40 on Friday, July 5, 2024.