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  1. PowerGrid seeks shareholder nod to raise Rs 14,000 crore

PowerGrid seeks shareholder nod to raise Rs 14,000 crore

The special resolution to raise up to Rs 14,000 crore is listed on the agenda of its annual general meeting scheduled for September 16, 2016, the company said in its notice for the meet.

By: | New Delhi | Published: August 24, 2016 5:24 PM
State-owned utility PowerGrid has sought shareholders' approval to raise up to Rs 14,000 crore through issuance of bonds from domestic and external sources in 2017-18. (PTI) State-owned utility PowerGrid has sought shareholders’ approval to raise up to Rs 14,000 crore through issuance of bonds from domestic and external sources in 2017-18. (PTI)

State-owned utility PowerGrid has sought shareholders’ approval to raise up to Rs 14,000 crore through issuance of bonds from domestic and external sources in 2017-18.

The funds will be raised through issuance of bonds under private placement in 2017-18.
The special resolution to raise up to Rs 14,000 crore is listed on the agenda of its annual general meeting scheduled for September 16, 2016, the company said in its notice for the meet.

According to the proposal, the company will raise funds in up to eight tranches/offers with or without greenshoe option and each tranche shall be of up to Rs 2,000 crore of bonds, exclusive of the greenshoe part.

The company said the proposed borrowing for 2017-18 will be within the overall limits of Rs 1.5 lakh crore.

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