Power Grid Board gives nod to raise Rs 4,250 crore via bonds

New Delhi: State-owned Power Grid Corporation of India on Wednesday said its board has approved a proposal to raise up to Rs 4,250 crore funds through issuance of bonds on a private placement basis.

PSU Watch is now on Whatsapp Channels. Click here to join

The proposal was taken up at a meeting of the company's committee of directors for bonds, Power Grid said in an exchange filing.

"Committee of Directors for Bonds has approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable, Powergrid Bonds - LXXX (80th) Issue up to Rs 4,250 crore on private placement basis,'' it said.

The base size of the issue is Rs 1,000 crore with a green shoe option of Rs 3,250 crore, the company said.

It said the bonds are redeemable at par at the end of 10th year with interest payment on a yearly basis.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)