New Delhi: PowerGrid said on Friday that the company is considering raising up to Rs 10,000 crores through the issuance of non-convertible debentures/bonds on private placement basis in the next financial year and is likely to take a call on the matter at its board meeting that will take place next week. The board of directors of the company will meet on July 3 to consider and approve an agenda to raise funds up to Rs 10,000 crore, PowerGrid said in a regulatory filing.
How will the funds be raised?
The funds will be raised from the domestic market through the issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/ tax-free debentures/bonds under private placement during the financial year 2020-21 in up to 20 tranches/offers, the public sector undertaking said. PowerGrid, however, did not detail the reasons for raising the funds. The company’s shares were trading at Rs 207.70 apiece on BSE on Friday, up by 0.07 percent in comparison to a day before.