Power Grid to raise ₹4K cr through bonds

MUMBAI: State utility Power Grid Corporation India (PGCIL) plans to raise up to ₹4,000 crore in its third round of fund raising through domestic bonds by September

MUMBAI: State utility Power Grid Corporation India (PGCIL) plans to raise up to ₹4,000 crore in its third round of fund raising through domestic bonds by September to meet its working capital expenditure.

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“For this fiscal year, we have got the approval to raise ₹14,000 crore through bonds. So far we have raised ₹6,000 crore in two tranches in April and July this year. We may raise up to ₹4,000 crore by September,” a company official said.

The company had planned a capital expenditure of ₹1,10,000 crore for 12th Plan (2012-2017) out of which it has already deployed over ₹93,820 crore by June 30, he said. The Navratna company reported 33% growth in standalone net profit at ₹1,801.77 crore for the quarter ended June 30 compared to ₹1,355.64 crore in the year-ago period, helped by higher operational income. Standalone income rose 31% to ₹6,119.86 crore.

This fund raising is a part of the ₹22,550 crore capital expenditure planned by the company for this fiscal.