Power Grid Corporation of India announced that the boards of directors of the company have approved to raise funds upto Rs 135 billion during the financial Year 2014-15 from domestic market in upto eight tranches and each tranche or offer will be of Rs 5 billion or Rs 10 billion of bonds with Green Shoe Option, by way of private Placement of secured / unsecured, non-convertible, non-cumulative, redeemable, taxable / tax-free bonds.
The above proposal will seek the approval of the shareholders of the company by way of a special resolution.
Shares of the company declined Rs 1.90, or 1.43%, to trade at Rs 132.20 (10.40 a.m., Monday).