Power Grid Corporation of India said that its board has approved to raise upto Rs 600 crore through issue of bonds on private placement basis.
The company will issue unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) upto Rs 600 crore on private placement basis.The total issue size of bond includes base issue size of Rs 100 crore, green shoe option of Rs 500 crore. The company will raise funds by securitizing cashflows of 10 years, which is till FY 2032-33 of its operational special purpose vehicle (SPV), POWERGRID NM Transmission (PNMTL). Bonds are redeemable at par in 40 equal instalments and interest payment on quarterly basis.
The bonds will be listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 31 December 2022, the Government of India owned a 51.34% stake in the company.
The company's consolidated net profit rose 10.7% to Rs 3,645.34 crore on 7.8% increase in revenue from operations to Rs 11,261.78 crore in Q3 FY23 over Q3 FY22.
The scrip rose 0.65% to Rs 223.50 on the BSE.
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