Power Grid Corp to raise up to Rs 2,250 crore via bonds to fund capex
The state-run Power Grid Corporation on Monday announced that its board has approved a proposal to raise up-to Rs 2,250 crore through the issuance of bonds to fund its capital expenditure. In a regulatory filing, the company stated that the Committee of Directors for Bonds, in their meeting held on September 25, 2023, approved raising up-to Rs 2,250 crore in the financial year FY24, in the second tranche.
The POWERGRID Bonds – LXXIV (74th) Issue 2023-24 will come with a base issue size of Rs 500 crore and a green shoe option (additional) of Rs 1,750 crore, taking the total fundraise to Rs 2,250 crore. The bonds are redeemable at par in 10 equal instalments, with interest payments on a yearly basis.
