Power Grid Corporation announced on Friday that it has obtained shareholder approval to raise its borrowing limit to ₹15,000 crore for the fiscal year 2024-25.
This approval was granted at the company’s annual general meeting held on Thursday. According to a BSE filing, shareholders approved all resolutions presented in the notice of the 35th Annual General Meeting, including the addendum dated August 12, 2024, with the required majority.
The approved resolution allows the borrowing limit to be increased from ₹12,000 crore to ₹15,000 crore. This will enable the company to issue secured or unsecured, non-convertible, cumulative or non-cumulative, redeemable, taxable or tax-free debentures or bonds under private placement during FY25.
In addition, shareholders approved a plan to raise up to ₹16,000 crore from the domestic market through similar debenture or bond issuances under private placement during FY26, potentially in one or more tranches.
The meeting also confirmed the appointment of Ravindra Kumar Tyagi as Chairman and Managing Director, who will not be subject to retirement by rotation.
