Powergrid to raise Rs 12 billion via bonds

Power Grid Corporation of India Limited’s (Powergrid’s) board has approved a proposal to raise 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 and 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.