Multibagger power transmission company is likely to announce bonus shares after Rs 4.75/share dividend!
The stock gave is up by 90 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 meeting of the Board of Directors of the company will be held on Monday, July 31, 2023, to consider and approve the following agenda items:
1) Unaudited financial results of the company for the quarter ended June 30, 2023, after these results are reviewed by the audit committee.
2) Declaration of bonus shares subject to the approval of shareholders of the company.
3) Raise 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 2024-25 in one or more tranches/offers subject to the approval of shareholders of the company.
Additionally, the company recommended a final dividend of Rs 4.75 per share (i.e., 47.50 per cent on the paid-up equity share capital) for the financial year 2022-23. The company fixed the record date for the final dividend as Tuesday, August 08, 2023.
Furthermore, the company has been declared a successful bidder under tariff-based competitive bidding for the following 2 inter-state transmission system projects:
i) The project aims to establish a new 765/400/220 kV Pooling Station at Bhadla-3 and a 765 kV D/C Transmission Line in Rajasthan to evacuate 20GW of power from the Renewable Energy Zone (REZ) under Phase III Part B1, along with associated bay extension works.
ii) The project includes a new 400/220 kV Pooling Station on the Ananthpuram-Kurnool border in Andhra Pradesh, transmitting 2500 MW from Ananthpuram and 1000 MW from Kurnool Solar Energy Zones with two 400 kV D/C Transmission Lines and bay extensions.
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On Friday, shares of the company surged 3.05 per cent to Rs 258.25 per share from its previous closing of Rs 250.60. The stock traded at an intraday high of Rs 261 and an intraday low of Rs 250.10 with a spurt in volume by more than 1.45 times on BSE.
The stock gave is up by 90 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.
Disclaimer: The article is for informational purposes only and not investment advice.