Power Grid board approves Rs 5,000 crore bond issue through private placement
The bonds are non-convertible, non-cumulative, and redeemable at par after 10 years. Interest payments will be made annually.
Power Grid board approves Rs 5,000 crore bond issue through private placement
New Delhi: State-owned Power Grid Corporation of India Ltd on Tuesday, October 22, announced the approval to raise funds through its 79th bond issue, aimed at securing up to Rs 5,000 crore on a private placement basis.
The decision was taken by the company’s ‘committee of directors for bonds’ during a meeting on Tuesday. The bonds for FY25 will have a base issue size of Rs 1,000 crore, with a green shoe option to retain an additional Rs 4,000 crore, taking the total potential issue size to Rs 5,000 crore, the state-owned firm said in a stock exchange filing.
The bonds are non-convertible, non-cumulative, and redeemable at par after 10 years. Interest payments will be made annually. The coupon rate for the bonds will be determined through bidding on the electronic book provider (EBP) platform. The bonds will be listed on the BSE and the NSE.
Read Also : Mr. Barenya Senapati is New Director (Finance) at HALThe coupon rate for the bonds will be determined through bidding on the electronic book provider (EBP) platform. The bonds will be listed on the BSE and the NSE.
The Shares of Power Grid were trading 1.07% lower at Rs 327.45 on the BSE. The stock has given a return of 15% over the past six months, gaining more than 64% in the last year. On a year-to-date (YTD) basis, shares of Power Grid Corp have delivered a 38% return in 2024 so far.
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