Power Grid Corporation of India Limited (POWERGRID) has approved the issuance of its 84th series of bonds to raise up to Rs 50 billion through private placement. The issue will comprise a base size of Rs 10 billion and a green shoe option of Rs 40 billion.
The bonds will be issued as unsecured, non-convertible, non-cumulative, redeemable and taxable instruments. They are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India. Further, the bonds will have a tenure of 10 years from the deemed date of allotment. Annual redemption payments will start from the end of the fourth year. The coupon rate and payment schedule for interest and principal will be finalised after bidding on the Electronic Book Provider platform.