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Power Grid to raise up to Rs 900 crore through bonds

10 Mar 2023 , 03:35 PM

The board of the state-owned Power Grid Corporation of India approved a private placement of non-convertible bonds worth up to Rs 900 crore on Monday.

According to a BSE filing, the Committee of Directors for Bonds has given the green light for the issuance of POWERGRID Bonds-LXXI (71st) in the 2022-23 fiscal year. The bonds will be unsecured, non-convertible, non-cumulative, and redeemable, and will be offered for private placement up to a total of Rs900 crore. 

The funds will be raised through the securitization of cash flows generated by POWERGRID Mithilanchal Transmission Ltd (PMTL), a subsidiary of POWERGRID, for a period of 10 years until the fiscal year 2032-33.

The base issue size will be Rs300 crore, with a Rs600 crore green shoe option. The issue will be traded on the NSE and/or the BSE Ltd.

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Related Tags

  • bonds
  • fund raise
  • Power Grid
  • Power Grid Corporation
  • Power Grid Fund
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