Power Grid spurts as board OKs raising Rs 12,000 cr via bonds

Power Grid Corporation of India rallied 3.81% to Rs 284.80 after its board has approved the raising of bonds as POWERGRID bonds issue(s) upto Rs 12,000 crore during FY 2024-25.

The unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID bonds will be issued in one or more tranches / series.

Further, the power transmission firm has been declared as the successful bidder under tariff based competitive bidding to establish inter-state transmission system for three projects on build, own operate and transfer (BOOT) basis. Additionally, the company has also received letters of Intent (LoI) for the same projects.

The first project comprises establishment of new 765/400/220 kV pooling substation at Mandsaur, 765kV D/C transmission line and associated bays extension works at other existing substation in Madhya Pradesh. This project is for Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer complex): Part C.

The subsequent project comprises of augmentation works at existing substation in Gujarat. The project is for potential renewable energy zone in Khavda area of Gujarat under Phase-IV (7GW) Part E2.

The last project comprises establishment of new 765 kV sub-station at Rishabhdeo, in Rajasthan 765kV D/C transmission lines and associated bays extension works at other existing substations in Rajasthan & Madhya Pradesh. This project is for Rajasthan REZ Phase IV (Part 2: 5.5 GW) (Jaisalmer/ Barmer complex): Part E.

Power Grid Corporation of India (PGCIL), a Public Sector Undertaking is India's principal electric power transmission company. The company is engaged in implementation, operation and maintenance of inter-state transmission system (ists), telecom and consultancy services.

The companys consolidated net profit jumped 2.6% to Rs 4,028.25 crore on 2.6% increase in net sales to Rs 11,549.79 crore in Q3 FY24 over Q3 FY23.

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