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Power Grid to raise Rs 10,000 crore, board meeting on July 3

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ANI
Power Grid Corporation of India said on Friday it plans to raise about Rs 10,000 crore from the domestic market through the issue of bonds in a bid to fund its capital requirements.
The company's board of directors will meet on July 3 to consider the plan of issuing secured I unsecured, non-convertible, non-cumulative I cumulative, redeemable, taxable I tax-free debentures I bonds under private placement during the financial year 2020-21 in upto 20 tranches I offers, it said in a statement.
Power Grid is a government-owned electric utility company and transmits about 50 per cent of the total power generated in India on its network.
It recently formed a joint venture company with public sector utility NTPC to accelerate the pace of power distribution reforms. Both companies will have 50:50 equity base in the National Electricity Distribution Company.
This paves way for NTPC, a leading power generator, and Power Grid, which owns the country's largest power transmission network, to get into consumer electricity supply business.
The development comes at a time when the government's ambitious scheme UDAY (Ujwal Discom Assurance Yojana) has been declared as a failure by several agencies.

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First Published: Jun 28 2019 | 12:43 PM IST

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