Power Grid board meet next week to consider raising up to Rs 10,000 cr

A meeting of the board of directors of the company will be held on July 3, to consider and approve an agenda to raise funds up to Rs 10,000 crore, Power Grid Corporation of India said in a BSE filing.

State-owned Power Grid Corporation of India on Friday said its board will meet next week to consider raising up to Rs 10,000 crore through issuance of non-convertible debentures/bonds on private placement basis during the next financial year.

A meeting of the board of directors of the company will be held on July 3, to consider and approve an agenda to raise funds up to Rs 10,000 crore, Power Grid Corporation of India said in a BSE filing.

The funds will be raised from domestic market through issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/ tax-free debentures/bonds under private placement during the financial year 2020-21 in up to 20 tranches/offers.

The company, however, did not elaborate on reasons for raising of funds.

Shares of Power Grid Corporation of India were trading 0.07 per cent higher at Rs 207.70 apiece on BSE.