Power Grid to raise Rs 600 crore through bonds

29 Mar 2023 , 12:26 PM

 Public sector undertaking (PSU) Power Grid Corporation’s board has given green signal to raise up to Rs 600 crore on a private placement basis. 

In the BSE filing the company said, “Committee of directors for bonds, in their meeting held today i.e. on 24th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) issue 2022-23 on private placement up to Rs 600 crore by securitisation of cash flows of 10 years i.e. till FY 2032-33 of its operational SPV (special purpose vehicle) viz. ‘POWERGRID NM Transmission Ltd’ (PNMTL).”

The document showed that the issue includes base issue size will be 100 crore and green shoe option of Rs 500 crore. The bonds will be listed on BSE and or NSE.

The tenure of the bonds is noted to be redeemable at par in 40 equal instalments and interest payment on a quarterly basis.