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Power Grid has got shareholders approval to raise Rs 14,000 crore

Power Grid, the state run utility, said that its shareholders have given their approval to a proposal for raising up to Rs 14,000 crore through issuance of bonds from domestic and external sources in 2016-17.

The Power Grid Corporation of India Ltd said in a filing to BSE that the shareholders have approved the proposal to raise the amount through issue of secured/unsecured, non-convertible, non- cumulative, redeemable, taxable/tax-free, rupee linked bonds under private placement in 2016-17 in its annual general meeting held on September 15.

The company will be raising the funds in up to eight tranches/offers, with or without green shoe option and each tranche shall be of up to Rs 2,000 crore of bonds, exclusive of green shoe option according to the proposal.

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