With a market valuation of Rs. 1,55,901.37 Crore, Power Grid Corporation of India Limited is a Large Cap company dealing in Power Industry. Power Grid Corporation of India Limited (POWERGRID), a Schedule “A,” “Maharatna,” public sector enterprise of the Government of India, is the country’s leading provider of electric power transmission services. For the financial year 2021-2022, the board of the firm recommended a final dividend of Rs. 2.25 per share (ie @ 22.50 per cent on the paid-up equity share capital), subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. To determine the eligibility of shareholders, the company has declared a record date about which shareholders need to be aware.
The company had earlier in a regulatory filing stated that “Further, with reference to Regulation 30 and 43 of SEBI (Listing and Disclosure Requirements} Regulations, 2015, it is informed that the Board in its meeting held on 21st May, 2022, has 2.25 per share (i.e. 22.50% on paid-up equity share capital) for the financial year 2021-22, subject to the approval of the shareholders at the ensuing Annual General Meeting of the company. The final dividend will be announced at the AGM Payment made within 30 days from the date.”
Yesterday on 6th August, the Board of Directors of the Company informed the Stock Exchanges that “As per Regulation 42 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, it is informed that the Company has fixed the record date/cut-off”. dated August 22, 2022 to determine the eligibility of members for payment of final dividend on equity shares and for the purpose of 33rd Annual General Meeting of the company. Also, SEBI (Listing Obligation and Disclosure Requirements) Regulations In terms of Regulations 29 and 30 of 2015, it is also notified that the final dividend on equity shares, if declared by the members at the 33rd Annual General Meeting, which is to be paid on August 29, 2022, on September 20, 2022 / will be dispatched.”
proposal to increase 6,000 crore through bonds in 2023-2024 was accepted by the PGCIL board on 6 July. This amount will be used for meeting capital expenditure requirements, offering intercorporate loans to wholly owned subsidiaries and other purposes. Power Grid Corporation of India (PGCIL) will seek shareholders’ nod to issue the bond on August 29 to fund it, according to PTI. The agenda of the Annual General Meeting (AGM) on 29th August, 2022 is proposed to be extended to 6,000 crore from the domestic market through issue of bonds on private placement basis during the financial year 2023-24, in twenty tranches/offers.
According to the notice of the AGM, 8,500 crore is being taken into account as Estimated Capital Expenditure (CAPEX) during the financial year 2023-24. It continued to say that for the financial year 2023-2024, the amount of 6,000 crore is estimated to be raised as arrears from debt and internal resources to achieve debt-equity mix of 70:30. As per a PTI report, the projected borrowings for the financial year 2023-24 will fall within the total borrowing limit of Rs. 1,80,000 crore. Currently, CRISIL, ICRA, and CARE, the three domestic rating agencies have assigned the highest credit grade of AAA to domestic bonds of PGCIL.
Shares of Power Grid Corporation of India Ltd closed on Friday 222.50 each, up 0.77% from the previous close. On a YTD basis, the stock is up 8.54% so far in 2022.
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