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PowerGrid is raising Rs 500 core in the first tranche with a green shoe option of (additional) Rs 1,400 crore. (Representational pic: Shutterstock)

PowerGrid is raising Rs 500 core in the first tranche with a green shoe option of (additional) Rs 1,400 crore. (Representational pic: Shutterstock)

Power Grid Fundraising: The fund raised will be used to part finance its capex requirement, for providing inter-corporate loans to wholly-owned subsidiaries/JVs and for general corporate purposes

Power Grid Corporation’s board has approved a proposal to raise up to Rs 5,700 crore through the issuance of bonds on a private placement basis in multiple tranches in 2023-24. The fund raised will be used to part finance its capex requirement, for providing inter-corporate loans to wholly-owned subsidiaries/JVs and for general corporate purposes.

This will be done by securitization of cashflows of 4 operational SPVs (special purpose vehicles) viz. POWERGRID Bhuj Transmission, POWERGRID Khetri Transmission System, POWERGRID Medinipur Jeerat Transmission System and POWERGRID Varanasi Transmission System up to March, 2034.

The company is raising Rs 500 core in the first tranche with a green shoe option of (additional) Rs 1,400 crore.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

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