Power Grid Corporation of India has received an investment approval for 'HVDC Bipole link between Western Region (Raigarh, Chhattisgarh) and Southern Region (Pugalur, Tamil Nadu)-North Trichur (Kerala)-Scheme 2: AC System Strengthening at Pugalur end' at an estimated cost of Rs 1931.39 crore with commissioning schedule of 30 months from the date of investment approval.

Further, the company has also received an approval for raising Rupee Term Loan (Facility) of up to Rs 32.70 billion from ICICI Bank at 3 Month MCLR of Bank (Presently 7.90% p.a.) with reset every 3 months from the date of first disbursement. Loan shall be drawn as per requirement of Power Grid within 5 years from the date of first disbursement.

Shares of the company gained Rs 3.55, or 1.62%, to trade at Rs 223.00. The total volume of shares traded was 41,605 at the BSE (11.19 a.m., Friday).