Power Grid to get $500-million loan from Asian Development Bank

Power Grid to get $500-million loan from Asian Development Bank

Power Grid Corp of India Ltd to get $500-million loan from Asian Development Bank (ABD) on 23 February 2017.

The central power transmission company, ministry of finance, and ADB signed an agreement for the loan on Thursday, and the disbursed funding will be used for Power Grid’s two different projects.

The Raigarh-Pugalur-Trichur line project is 800-kV high-voltage direct current transmission line covering regions in Chhattisgarh, Tamil Nadu, and Kerala.

Other project is renewable energy inter-state transmission scheme part-D, which is a inter-state green energy corridor entailing transmission lines for renewable energy from Bikaner in Rajasthan to Moga in Punjab

The total cost of the projects is $2.58 billion. The ADB loan will make up for 19 per cent of total project cost, while Power Grid Corporation will provide $2.08 billion.

The loan has a 20-year term, including a five-year grace period with an annual interest rate determined in accordance with ADB’s LIBOR-based lending facility.

Stock View:

Power Grid Corporation of India Ltd ended at Rs 199.15, down by Rs 2.15 or 1.07% from its previous closing of Rs 201.3 on the BSE.

The scrip opened at Rs 201.3 and touched a high and low of Rs 202.15 and Rs 198.6 respectively. A total of 5813435(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 104160.96 crore.

The BSE group ‘A’ stock of face value Rs 10 touched a 52 week high of Rs 209 on 22-Feb-2017 and a 52 week low of Rs 129.25 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs 209 and Rs 198.6 respectively.

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The promoters holding in the company stood at 57.9 % while Institutions and Non-Institutions held 35.03 % and 7.08 % respectively. Read more..

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