Power Grid Corporation will raise up to ₹900 crore through the issue of unsecured, non-convertible, non-cumulative, redeemable, taxable bonds on private placement basis, the company said on Thursday.
The bond will be issued by securitising cashflows from its operational special purpose vehicle POWERGRID Mithilanchal Transmission Ltd, for ten years (up to FY33). The committee of directors for bonds approved the fundraising, a release said.
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The issue has a base size of ₹300 crore and a greenshoe option of ₹600 crore and the bonds will subsequently be listed on the NSE and BSE. The bonds are redeemable at par in 40 equal installments and interest paid on a quarterly basis.