Power Grid Corp seeks approval from shareholders to raise Rs 12,000 Crore In 2024-25
State-owned Power Grid Corporation would ask shareholders for permission to issue bonds on a private placement basis in the domestic market in order to raise up to Rs 12,000 crore.
According to a notification, the business has a resolution for the Annual General Meeting (AGM) on August 30 to raise money up to Rs 12,000 crore.
According to the AGM announcement, the money will be generated from the domestic market via the private placement of secured or unsecured, non-convertible, non-cumulative, cumulative, redeemable, taxable, or tax-free debentures/bonds throughout the years 2024–2025 in one or more tranches.
Additionally, the corporation will ask the shareholders for permission before capitalizing reserves and issuing bonus shares.
The board of the corporation proposed issuing bonus shares during its meeting on July 31.
The board suggested issuing bonuses in a 1:3 ratio by capitalizing an amount not to exceed Rs 2,325.15 crore at its meeting on July 31, 2023.
The notice also requests shareholders’ approval to increase the borrowing limit from the domestic market’s current level of Rs 6,000 crore to Rs 8,000 crore through the issuance of secured or unsecured, non-convertible, non-cumulative, redeemable, taxable, or tax-free debentures or bonds under private placement for the years 2023–2024.
