Power Grid Corporation of India Limited’s (Powergrid) board has approved the proposal aimed at raising up to Rs 12 billion through bond issuance.
The committee of directors for bonds has approved the issuance of unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds – LXXVI (76th) issue. The base size of the issue is Rs 4 billion, with an additional green shoe option of Rs 8 billion. The bonds will be redeemable at par at the end of the 10th year, with interest payments made on a yearly basis.