Sterlite Power Grid Ventures issues Rs 9.25 billion worth NCDs

Sterlite Power Grid Ventures Limited has issued non-convertible debentures aggregating Rs 9.25 billion for its subsidiary, East North Interconnection Company Limited (ENICL). ENICL is developing a 450 km transmission network to connect the eastern and north-eastern regions to the northern region. The bond has a tenor of 17.5 years with a call option exercisable at the end of the tenth year. The coupon rates range from 8.85 per cent to 9.25 per cent. The proceeds from the issue would be utilised to refinance the existing loans. Notably, Sterlite Grid is the first private power transmission company to raise money through a bond issue.

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