Maharatna PSU Company To Raise Up To Rs 2250 Crore, Shares Gain 23% YTD

Board of Maharatna public sector undertaking, Power Grid Corporation Of India Ltd on Monday approved the proposal to raise approximately Rs. 2,250 crore in FY 23-24 in second tranche to fund its capital expenditure, according to the regulatory filing issue on September 25, 2023. Last trading price of Power Grid Corporation share is Rs 198.90 apiece with intraday fall of 0.10%. Power Grid Corporation shares witnessed a jump of 31% in last 1-year. Check details below:

Power Grid Corporation Board Gives Nod To Raise Up To Rs 2250 Crore: According to the BSE filing dated today, "In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is to inform that the Committee of Directors for Bonds, in their Meeting held today i.e. on 25th September, 2023, have approved the raising of upto Rs. 2,250 crore in FY 23-24 in second tranche to part finance its capex requirement, for providing Inter Corporate Loan(s) to wholly owned subsidiaries/JVs and for general corporate purposes by securitization of cash flows of 4 operational SPV viz. "POWERGRID Bhuj Transmission Limited ("PBTL"), POWERGRID Khetri Transmission System Limited ("PKTSL"), POWERGRID Medinipur Jeerat Transmission System Limited ("PMJTL") & POWERGRID Varanasi Transmission System Limited ("PVTSL")" upto March, 2034."

Power Grid Corporation Stock Outlook & Return: Last trading price of Power Grid Corporation stock is Rs 198.90 per share with intraday fall of 0.10% on BSE. Its 52-week high price is Rs 205.90 per share and 52-week low price is Rs 139.76 per share, respectively. The company has a market capitalisation of Rs 1,84,989.01 Crore. Power Grid shares surged 19% in last 6-months, gained 50% in last 2-years, and soared 120% in last 3-years.

Power Grid Corporation Financials: Power Grid for the quarter ended June 30, 2023 declared a decline of 10.35% in its consolidated total income at Rs 11,257.60 crore as against its last quarter total income of Rs 12,557.44 crore. The large cap company declared its latest quarter net profit after tax at Rs 3602.25 crore.

Power Grid Corporation About: Power Grid Corporation of India Limited is a Schedule 'A', 'Maharatna' Public Sector Enterprise of Govt. of India which was incorporated on 23rd Oct 1989 under the Company Act, 1956. POWERGRID, one among the largest power transmission utilities in the world, has developed expertise in its core areas such as power transmission, sub-transmission system, distribution management, load dispatch & communications, in India and abroad. Leveraging its capacity and experience, consulting services have been provided to several customers globally. POWERGRID is a listed Company, with 51.34% holding of Government of India and the balance is held by Institutional Investors and public, as per its official website.

Disclaimer

The stock just highlights the raising of funds via bonds and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.