Rs 48,700 crore order book: This multibagger power transmission company announces bonus shares and Rs 8,800 crore capex plan for FY24!
The stock gave is up by 89 per cent in 3 years and gave multibagger returns of over 200 per cent in 1 decade.
Power Grid Corporation of India Ltd informed that the Board of Directors of the company has recommended the issue of bonus shares in the ratio of 1:3 i.e., 1 (one) new equity bonus share of Rs 10 each for every 3 (three) existing equity share of Rs 10 each fully paid up, subject to the approval of the shareholders of the company in the ensuing Annual General Meeting (AGM). The estimated date by which bonus shares shall be credited/dispatched is September 25, 2023.
Additionally, the company approved raising funds up to Rs 12,000 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 2024-2025 in one or more tranches/offers subject to the approval of shareholders of the company.
Furthermore, the company has announced a capex plan of Rs 8,800 crore for FY23. Of this, Rs 5,000 crore will be spent on RTM (regulated tariff mechanism) projects and Rs 3,800 crore will be spent on TBCB (tariff-based competitive bidding) projects.
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Power Grid Corporation of India Ltd is a Maharatna CPSU and India’s largest electric power transmission company. The company has a robust order book worth Rs 48,700 crore as of June 30, 2023.
On Tuesday, shares of the company plunged 5.36 per cent to Rs 251.75 per share from its previous closing of Rs 266. The stock traded at an intraday high of Rs 262.45 and an intraday low of Rs 250.50 with a spurt in volume by more than 2.80 times on BSE.
The stock gave is up by 89 per cent in 3 years and gave multibagger returns of over 200 per cent in 1 decade. Investors should keep an eye on this power transmission company’s stock.
Disclaimer: The article is for informational purposes only and not investment advice.