Power Grid Corporation will raise up to Rs 900 crore through bonds

The project includes the construction of a 765 kV direct current line. (representation)

New Delhi:

State-owned Power Grids Corporation of India on Monday said its board has approved raising up to Rs 900 crore by issuing non-convertible debentures on a private placement basis.

“Bonding Committee of Directors has approved raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXI (71st) 2022-23 at its meeting held today i.e. March 9, 2023. A private placement of up to Rs 900 crore through 10-year cash flow securitization to its operating SPV till FY 2032-33, namely ‘POWERGRID Mithilanchal Transmission Ltd (PMTL)’, the BSE filing said.

The base issue size will be Rs 300 crore, with a green shoe option of Rs 600 crore.

The issue will be listed on NSE and/or BSE Ltd.

In a separate filing, the company said, “Power Grid Corporation of India Ltd has been declared the winner of the competitive bidding for construction of inter-state transmission system (8.1 GW) for the transmission system strengthening scheme to evacuate energy from solar energy areas in Rajasthan (8.1 GW) build, operate, operate and maintenance (BOOM) basis on Phase II-E’ phase’. The Letter of Intent (LoI) was received by Power Grid Corporation of India Ltd on March 7, 2023, it said.

The scope of the project includes construction of 765 kV DC transmission line along with associated grid bays in Rajasthan, the release said.

(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)

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