The board of directors of Power Grid Corporation of India Ltd (PGCIL) is scheduled to meet soon to consider and approve, among other items on the agenda, the company’s fund-raising plans.
In a brief stock exchange notification, PGCIL said that its board is scheduled to meet on July 10, 2024 to consider and approve the following:
- Borrow funds up to Rs.16,000 crore during FY26 (April 1, 2025 to March 31, 2026) through various sources including domestic bonds (secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-free under private placement basis), and
- Enhance the current borrowing limits from the existing Rs.12,000 crore to Rs.15,000 crore during the current fiscal year (FY25; April 1, 2024 to March 31, 2025) through issue of secured/unsecured, non-convertible, non-cumulative, redeemable, taxable/tax-free bonds under private placement from domestic/other sources.
Capex plans
As already reported by T&D India, PGCIL has targeted capital expenditure of over Rs.15,000 crore in ongoing fiscal year, FY25. However, actual capex is likely to be in the region of Rs.17,000 crore. Of this targeted Rs.15,000 crore of capex in FY25, around Rs.5,000 crore will come from RTM (regulated tariff mechanism) projects while the remaining Rs.10,000 crore will be largely from tariff-based competitive bidding (TBCB) schemes.
In FY24, PGCIL undertook capex of Rs.12,500 crore as against the targeted Rs.8,800 crore. In FY23, according to information available with T&D India, PGCIL’s capex was Rs.9,212 crore. Incidentally, PGCIL’s capex target for FY23 also stood at Rs.8,800 crore.
Also read: PGCIL Board Approves JV With Rajasthan Transco
Featured photograph (source: PGCIL) is for representation only
