The board of directors of Power Grid Corporation of India Ltd (PGCIL) is scheduled to meet soon to consider and approve the fund raising programme for the ongoing fiscal year, FY23.
In a stock exchange filing, PGCIL said that its board of directors is going to meet on July 6, 2022, to consider, among other things, proposals for raising funds to finance ongoing capital expenditure.
PGCIL has proposed to raise funds up to Rs.6,000 crore from the domestic market through various means that could include issuance of secured/unsecured non-cumulative/cumulative redeemable, taxable/tax-free debentures/bonds under private placement basis during FY23. The proposed bond issue could be made in up to 20 tranches.
Besides, PGCIL has also proposed to raise up to Rs.5,000 crore in rupee term loans from commercial banks to meet capital expenditure requirements, during FY23.
As reported by T&D India in a recent story, PGCIL has planned to undertake capital expenditure of around Rs.8,000 crore in FY23. In FY22, capex incurred stood at Rs.9060 crore as against Rs.11284 crore in FY21. The capex mentioned here is on “consolidated” basis, which means that undertaken by PGCIL as well as its subsdiaries.
As of March 31, 2022, PGCIL had work-in-hand worth Rs.53,300 crore. Out of this, ongoing projects accounted for Rs.6,700 crore and new projects had a share of Rs.31,800 crore. New projects are those on which construction work had yet to begin. The remaining Rs.14,800 crore came from TBCB projects.
