"We are looking to raise up to Rs 3,000 crore this fiscal contemplating between a rupee or a dollar bond issue," Power Grid Corp CMD R N Nayak told reporters on the sidelines of India Energy Congress here today.
The company recently concluded a USD 500-million bond sale at an interest of 3.875%. It is the lowest ever coupon rate for 10-year dollar funds raised by a domestic issuer in the overseas market.
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These bonds will be listed on the Singapore Stock Exchange. This was the third debt issue from the country since the beginning of this year, with the first issue coming from Exim Bank, which raised USD 750 million through a European dollar bond issue on January 7 and ICICI Bank which on January 9 raised SGD 225 million from Dubai.
Meanwhile, in order to strengthen country's power transmission system, so as to avoid grid collapse that was seen last year, the Power Ministry is formulating new regulation to ease pressure on Power Grid Corporation.
At present, Power Grid caters to the transmission needs of the entire country.
The Central Electricity Regulatory Commission (CERC), the sector regulator, is firming up the proposal.
Power Grid is engaged in bulk power transmission and its responsibility include planning, coordination, supervision and control over inter-State transmission system and operation of National and Regional Power Grids.