Powergrid to Raise Rs 4,250 Cr via Bonds - Business News

New Delhi, Dec 18 (PTI) State-owned Power Grid Corporation of India on Wednesday said its board has approved a proposal to raise up to Rs 4,250 crore funds through issuance of bonds on a private placement basis.

The proposal was taken up at a meeting of the company's committee of directors for bonds, Powergrid said in an exchange filing.


"Committee of Directors for Bonds has approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable, Powergrid Bonds - LXXX (80th) Issue up to Rs 4,250 crore on private placement basis,' it said.

The base size of the issue is Rs 1,000 crore with a green shoe option of Rs 3,250 crore, the company said.

It said the bonds are redeemable at par at the end of 10th year with interest payment on a yearly basis.