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PowerGrid on Friday said it has mopped up $ 500 mllion (Rs 2,700 crores) from foreign currency market. The public sector company has issued ten years note with coupon rate of 3.875 per cent annually.
This note shall be listed in Singapore Stock Exchange. This is a benchmark bond as it is the first international issuance from an India Corporate in 2013. The order books were in excess of $ 9.5 billion representing an oversubscription of 19 times which is the highest oversubscription seen amongst Indian bond deals, PowerGrid said in a statement.
The funds will be utilized to fund the capital expenditure of the company, it said.
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