Power Grid Corporation of India Limited (Powergrid) has received approval from its committee of directors for bonds to raise up to Rs 42.50 billion through private placement of bonds.
The funds will be raised via the Powergrid bonds – LXXX (80th Issue), which are unsecured, non-convertible, non-cumulative, redeemable, and taxable. The issue includes a base size of Rs 10 billion with a green shoe option of Rs 32.50 billion. The bonds will have a 10-year tenure with annual interest payments. The interest rate will be determined through bidding on the electronic book provider platform.