State-owned Power Grid Corporation of India (PGCIL) on July 6 said its board has approved a proposal to raise Rs 11,000 crore through the issuance of bonds and term loans.

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The board approved the proposal to raise funds up to Rs 6,000 crore from the domestic market through the issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during the financial year 2023-24 in up to 20 tranches/offers, the company said in a regulatory filing.

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Besides, it approved another proposal for the sanction of a rupee term loan of up to Rs 5,000 crore from the commercial bank to meet capital expenditure requirements and other business requirements.

Shares of Power Grid ended at Rs 210.60, down by Rs 3.50, or 1.63 percent on the BSE.

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(Edited by : Shoma Bhattacharjee)