Power Grid to seek shareholders' nod to raise Rs 13K Cr

State-owned utility Power Grid Corporation will soon seek shareholders' approval to raise up to Rs 13,000 crore from domestic and external sources during the current fiscal.
The Board of Directors has approved the proposal to raise Rs 13,000 crore through issuance of bonds, Power Grid said in a BSE filing.
The funds to finance the company's various expansion projects will be raised from domestic as well as external sources through issuance of tax-free bonds under private placement in 2015-16, the filing said.
Last month, Power Grid Corporation Board had approved total investment of Rs 1,481 crore in its various projects to be commissioned in the next 2-3 years.

These investment proposals include the one for installing transmission equipment at an estimated cost of Rs 1,071.24 crore for the western region and setting up of transformers in Northern Region at an estimated cost of Rs 63.56 crore.
The state-run firm is in discussions with power and finance ministries as well as the World Bank regarding funding assistance of transmission systems for evacuation of power from the solar parks.
Shares of the company closed Rs 154.25, 0.98 per cent on the BSE.