Power Grid increases borrowing limit to Rs 80,000 cr

State-run Power Grid Corporation of India today said the shareholders enhanced the borrowing limits to Rs 80,000 crore from the existing Rs 50,000 crore through postal ballot.

The resolution to this effect was passed with requisite majority, Power Grid Corporation of India informed the Bombay Stock Exchange (BSE) in a regulatory disclosure.

After due scrutiny of all the ballot papers, it was found that 367.54 crore votes polled in its favour while 75.87 lakh votes stood against the resolution, it said.

The scrutiniser filed its report with the chairman of the company after the postal ballot process was completed in accordance with the set guidelines.

Announcing the result of the postal ballot, the chairman of the firm said that the shareholders approved the ordinary resolutions for increasing the borrowing limit of the board of directors to Rs 80,000 crore with requisite majority.

The chairman stated that the special resolutions, as mentioned in the notice dated March 25, were duly approved by the requisite majority.

Shares of the company closed at Rs 102.80, down 1.06 per cent from previous close on the BSE.