Power Grid to seek shareholders nod to raise Rs 14,000 cr

State-owned utility Power Grid onWednesday said it will seek shareholders' approval next month to raise up to Rs 14,000 crore from domestic and external sources during the fiscal 2016-17.

The funds will be raised from domestic as well as external sources through issuance of tax-free bonds under private placement in 2016-17.

Power Grid Corporation of India Ltd in a BSE filing said the company will hold an Annual General Meeting on September 15, 2015 to raise funds up to Rs 14,000 crore.

The shareholders' nod would also be sought for enhancing borrowing limits from Rs 1.3 lakh crore to Rs 1.5 lakh crore, the company said.

Earlier, the company's board had approved total investment of Rs 1,481 crore in its various projects to be commissioned in the next two-three years. These investment proposals include the one for installing transmission equipment at an estimated cost of Rs 1,071.24 crore for the western region and setting up of transformers in northern region at an estimated cost of Rs 63.56 crore.