Power Grid Board To Consider Rs 10,000 Crore Fundraising Plan Next Week

Power Grid Corporation of India Ltd.'s board will consider a Rs 10,000 crore fundraising proposal at a meeting on July 3, the state-owned electric utilities company said on Friday.

The funds will be raised through issuance of non-convertible debentures or bonds on private placement basis during 2020-21, Power Grid said in a filing to the Bombay Stock Exchange.

The funds will be raised from domestic market through issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during 2020-21 in up to 20 tranches/offers, the company said.

The company, however, did not elaborate on reasons for the fundraising.