PowerGrid Corporation Of India Approves NCD Worth ₹2,250 Cr

PowerGrid Corporation of India Limited on Monday announced that the Committee of Directors for Bonds, in their Meeting held have approved the raising of upto Rs. 2,250 crore in FY 23-24 in second tranche to part finance its capex requirement, for providing Inter Corporate Loans to wholly owned subsidiaries/JVs and for general corporate purposes by securitization of cash flows of 4 operational SPV viz. POWERGRID Bhuj Transmission Limited (PBTL), POWERGRID Khetri Transmission System Limited (PKTSL), POWERGRID Medinipur Jeerat Transmission System Limited (PMJTL) & POWERGRID Varanasi Transmission System Limited (PVTSL) upto March, 2034, the company announced through an exchange filing.

Size of the issue

The NCDs will have a base size of Rs 500 crore, Green shoe option of Rs 1,750 Crore taking the total issue size up to Rs 2,250 crore.

Tenure of the instrument

Bonds are redeemable at par in 10 equal instalments and interest payment on yearly basis.

PowerGrid Corporation of India Limited shares

The shares of PowerGrid Corporation of India Limited at 11:42 am IST were at Rs 199.10, down by 0.025 percent.