State-run Energy Grid Company on Monday introduced that its board has authorized a proposal to boost as much as Rs 2,250 crore by way of issuing bonds to fund its capital expenditure. In a regulatory submitting, the corporate mentioned that the bond administration committee, in its assembly held on September 25, 2023, agreed to boost as much as Rs 2,250 crore in FY24, within the second tranche.
The POWERGRID Bonds – LXXIV (74th) 2023-24 will include a base challenge measurement of Rs 500 crore and a inexperienced shoe (further) choice of Rs 1,750 crore, taking the full fundraising to Rs 2,250 crore. The bonds might be redeemed at face worth in 10 equal instalments, with curiosity paid on an annual foundation.
Based on the submitting, this fundraising will partially fund the corporate’s capital expenditure necessities, present inter-company loans to wholly-owned subsidiaries/joint ventures, and serve normal company functions by securitizing the money flows of 4 particular objective working automobiles (SPVs) out to March 2034.
“When it comes to Regulation No. 30 of the Securities and Trade Board of India (Itemizing Obligations and Disclosure Necessities) Laws, 2015, we inform you that the Bond Administration Committee, in its assembly held immediately, i.e. on September 25, 2023, has authorized the elevating of as much as Rs 2,250 crore. In FY2024 within the second tranche to partially fund capital expenditure necessities, present inter-company loans to wholly-owned subsidiaries/joint ventures, and for normal company functions by securitizing money flows from 4 working particular objective automobiles…” the submitting mentioned.
The 4 operational SPVs are POWERGRID Bhuj Transmission Ltd (PBTL), POWERGRID Khetri Transmission System Ltd (PKTSL), POWERGRID Medinipur Jeerat Transmission System Ltd (PMJTL) and POWERGRID Varanasi Transmission System Ltd (PVTSL).
The rate of interest shall be decided after bidding on the E-Guide Supplier (EBP) platform.
(Tags for translation)Power Grid
