Power Grid Corporation of India Limited (Powergrid) has approved a plan to issue bonds on a private placement basis in numerous tranches in 2023-2024, in order to raise up to Rs 57 billion.
The funds raised will be utilised for partially financing the company’s capital expenditure requirements, providing inter-corporate loans to fully owned subsidiaries, and for general corporate purposes,, by securitisation of cashflows of 4 operational special purpose vehicles – Power Grid Khetri Transmission System Limited, Power Grid Bhuj Transmission Limited, Power Grid Varanasi Transmission System Limited, and Power Grid Medinipur Jeerat Transmision System Limited. The base issue size is Rs 5 billion and another Rs 14 billion in the green shoe option.