Powergrid to Raise Rs 4,250 Cr via Bonds - Business News
Power Grid Corporation of India's board has approved a proposal to raise Rs 4,250 crore through bond issuance on a private placement basis. Learn more about the details.
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.
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.
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