The application of China's major power grid operator the State Grid to issue 30 billion yuan worth of enterprise bonds was approved by the National Development and Reform Commission (NDRC), the Xinhua-run cnstock.com reported on Monday.
Among the raised capital, 18 billion yuan will be used in the construction of 24 projects, 6 billion yuan in the replenishment of operating capital, and the rest 6 billion yuan in the repayment of bank lending.
According to the State Grid, it will offer no more than 10 billion yuan worth of bonds as the first batch, including the 5-year and 7-year varieties.
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