The Committee of Directors for Bonds at Power Grid Corporation of India Limited (Powergrid) has approved the raising of upto Rs 9 billion via unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds to be issued on private placement basis by securitisation of cashflows of 10 years i.e., till FY 2032-33 of its operational special purpose vehicle (SPV), Powergrid Mithilanchal Transmission Limited.
The base issue size is Rs 3 billion with green shoe option of Rs 6 billion, making the total issue size of Rs 9 billion. The bonds are redeemable at par in 40 equal instalments and interest payment on quarterly basis. The bonds will be listed on the NSE and/or BSE Limited.