Powergrid board gives nod to raise Rs 4,250 cr via bonds

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.

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

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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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