PowerGrid shares rise after board approves proposal to raise Rs 2,250 crore through bonds

PowerGrid share price: The stock of PowerGrid is trading higher by 0.38 per cent, or Rs 0.75, at Rs 199.65, a day after the company announced that it had approved raising up to Rs 2,250 crore in FY23-24 in the second tranche to part finance its capex requirement. 

The share started its journey on Tuesday at Rs 199.00 and jumped to the day's high of Rs 200.15.

"The committee of directors for bonds, in their meeting held today i.e. on 25th September, 2023, have approved the raising of up to Rs. 2,250 crore in FY 23-24 in second tranche to part finance its capex requirement, for providing Inter Corporate Loan(s) to wholly owned subsidiaries/JVs and for general corporate purposes by securitization of cash flows of 4 operational SPV," the company said in an update on Monday (September 25).