Power Grid Corporation of India to Raise Rs 4,250 Crore Through Bonds

The Power Grid Corporation of India's board approved a plan to raise up to Rs 4,250 crore through bonds issued on a private placement basis. These unsecured, non-convertible bonds will be redeemable after 10 years. The base size is Rs 1,000 crore with a green shoe option of Rs 3,250 crore.

The Power Grid Corporation of India, a state-owned entity, has announced its board's approval to raise funds amounting to Rs 4,250 crore via bond issuance on a private placement basis.

This decision was reached during a directors' committee meeting dedicated to bonds, as mentioned in a filing by Powergrid at the stock exchange.

The bonds, specifically the LXXX (80th) Issue, are categorized as unsecured, non-convertible, non-cumulative, and taxable. They feature a base size of Rs 1,000 crore and a green shoe option of Rs 3,250 crore, redeemable at par after ten years, with annual interest payouts.

(With inputs from agencies.)