Power Grid Corp gains after board OKs to raise upto Rs 1,200 cr via bonds – EQ
In Short : Power Grid Corporation of India Limited (Power Grid Corp) has gained in the stock market after the board approved raising up to Rs 1,200 crore via bonds. This move signals the company’s strategy to mobilize funds for its projects and operations, supporting the expansion and development of power infrastructure in India.
In Detail : Power Grid Corporation of India added 2.47% to Rs 294 after the company’s board has approved the proposal to raise funds by issuing bonds aggregating upto Rs 1,200 crore.
The company will issue unsecured, non-convertible, non-cumulative, redeemable, taxable bonds with a base issue size of Rs 400 crore and green shoe option of Rs 800 crore.
The said bonds are redeemable at par at the end of 10th year and interest payment on yearly basis.
Power Grid Corporation of India (PGCIL), a Public Sector Undertaking is India’s principal electric power transmission company. The company is engaged in in implementation, operation and maintenance of inter-state transmission system (ists), telecom and consultancy services.
The companys consolidated net profit jumped 2.6% to Rs 4,028.25 crore on 2.6% increase in net sales to Rs 11,549.79 crore in Q3 FY24 over Q3 FY23.
