Power Grid Corporation’s board has approved raising up to Rs 5,700 crore this fiscal in multiple tranches through issuance of unsecured bonds on a private placement basis, as per the information shared by the company with stock exchanges on Saturday.
The funds raised will be used to part finance its capex requirement, for providing inter-corporate loans to wholly-owned subsidiaries, JVs and for general corporate purposes by securitisation of cashflows of four operational special purpose vehicles (SPVs) up to March 2034.
The state-owned power transmitter is raising Rs 500 core in the first tranche with a green shoe option of (additional) Rs 1,400 crore.
The central PSU incurred a capital expenditure of Rs 9,212 crore and capitalised assets worth Rs 7,413 crore on a consolidated basis during FY23. Its gross fixed assets, on a consolidated basis, stood at Rs 270,107 crore as on March 31, 2023 as against Rs 262,726 crore as on March 31, 2022.
As on March 31, 2023, the total transmission assets of PowerGrid and its subsidiaries stood at 174,110 ckm of transmission lines, 272 sub-stations and 499,360 MVA of transformation capacity.
In FY23, the company along with its subsidiaries added 24,900 MVA transformation capacity, seven substations and 1,676 ckm transmission lines. During the year, it acquired one intra state transmission system and 11 inter state transmission system TBCB subsidiaries for about Rs 9,500 crore.
On a consolidated basis, PowerGrid had posted a profit of Rs 15,417 crore and total income of Rs 46,606 crore for FY23 registering a year-on-year growth of 11% and ,9% respectively (excluding exceptional items).
Power Grid shares had ended 3.05% higher at Rs 258.25 on the BSE on Friday.