NEW DELHI, Apr 13: State-owned Power Grid Corporation has sought shareholders nod to raise Rs 13,000 crore from the market to fund its future expansion plans. Company board of directors has approved the following proposals for seeking approval of the shareholders by way of a special resolution to raise funds in INR or any other acceptable foreign currency as permitted by RBI, the company said in a filing to Bombay Stock Exchange today. The amount will be raised from domestic and external sources through issue of secured, unsecured, non-convertible, non-cumulative, redeemable, taxable, tax-free bonds under private placement during the financial year 2015-16, the statement said. In March, company’s board of directors had approved raising up to Rs 16,500 crore this financial year (2014-15) to meet capital expenditure requirements. To ensure successful development of the project SPVs, Power Grid has proposed to render all inputs and services as may be required by them. Shareholders would vote on this proposal also. Presently, Power Grid Corporation of India has 1,08,128 circuit kilometres of transmission lines. It is also into consultancy and telecom segments.
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