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PowerGrid to raise Rs. 8,000 crore via domestic, overseas bonds
Mumbai: Power transmission company Power Grid Corporation plans to raise Rs. 8,000 crore during the fiscal through domestic and international bonds. "We will be raising nearly Rs. 8,000 crore through bonds, both domestic as well as international, this fiscal," said R T Agarwal, director of finance at Powergrid Corporation, at a post-earnings press conference on Wednesday. The company reported a 7.53 per cent increase in standalone net profit in March quarter at Rs. 1,109.44 crore against Rs. 1,031.69 crore year ago.
Its total revenues on a standalone basis stood at Rs. 3,380.66 crore, up by 7.13 per cent, from Rs. 3,155.66 crore in the year-ago period. This fund raising is a part of the Rs. 20,000 crore capital expenditure planned by the company for FY14, he said.
"We will be borrowing some amount from the World Bank and Asian Development Bank, with which we already have a long-term tie-up. Some amount will come from internal accruals and equity contribution. So for the remaining Rs. 8,000 crore, we will go to the markets," Mr Agarwal added.
He said that the contribution from domestic bonds will be higher."Since the cost of raising funds in domestic market is lower compared to ECBs, we will be focusing much on domestic bonds," he said, adding that the process was likely to be completed by January next.
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