The state-owned Power Grid Corporation board has approved a private placement bond issue to raise up to Rs 600 crore.

“The Bond Board of Directors, at its meeting today, March 24, 2023, approved the 2022-23 Unsecured, Non-Convertible, Non-Cumulative, Redeemable, Taxable POWERGRID Bonds – LXXII (No. 72) Issue up to Rs 600 crore through 10-year cash flow securitization placement, i.e. operating SPV (Special Purpose Vehicle) viz ‘POWERGRID NM Transmission Ltd’ (PNMTL) till FY2032-33,” the BSE filing said.

It showed a total issue size of Rs 600 crore, which includes a base issue size of Rs 100 crore and a greenshoe option of Rs 500 crore.

These bonds will be listed on BSE and/or NSE. It said the bonds are redeemable at face value in 40 equal instalments, with quarterly interest payments.