Powergrid to raise Rs 57 billion through bonds

Powergrid 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 general business goals, providing inter-corporate loans to fully owned four subsidiaries (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), and partially financing the company’s capital expenditure requirements. The company plans to raise Rs 5 billion in the first tranche and another Rs 14 billion in the green shoe option.