Power Grid gets shareholders' nod to raise borrowing limit to Rs 15,000 crore

New Delhi: State-owned Power Grid Corporation on Friday said it has received shareholders' approval to raise the borrowing limit to Rs 15,000 crore for the 2024-25 fiscal year.

The approval was received at its annual general meeting held on Thursday, the company said.

Based on the consolidated report of the scrutiniser, all resolutions as set out in the notice of 35th annual general meeting read with addendum to the notice dated August 12, 2024, have been duly approved by shareholders with requisite majority, according to a BSE filing.

The company said shareholders approved the resolution to enhance the borrowing limit from Rs 12,000 crore to Rs 15,000 crore, from the domestic market through the issue of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free debentures/bonds under private placement for the 2024-25 financial year, it stated.

The shareholders also approved the proposal to raise funds up to Rs 16,000 crore, from domestic market through the issuance of secured/unsecured, non-convertible, cumulative/non-cumulative, redeemable, taxable/tax-free debentures/Bonds under Private Placement during 2025-26 in one or more tranches/offers, the filing said.

The members also approved the appointment of Ravindra Kumar Tyagi as the chairman and managing resolution director, not liable to retire by rotation, it added.