Power Grid Corporation of India Ltd (PGCIL) has approved the issuance of unsecured, non-convertible, non-cumulative, redeemable, taxable bonds worth up to ₹4,250 crore through private placement. The decision was finalised in a meeting of the Committee of Directors for Bonds on Wednesday.
The bond issue includes a base size of ₹1,000 crore with an additional green shoe option of ₹3,250 crore, allowing for increased demand. The bonds will have a tenure of 10 years and will be redeemable at par at maturity. Investors can expect annual interest payments, with the coupon rate and payment schedule to be determined via bidding on the Electronic Book Provider platform.
To ensure liquidity and accessibility, the bonds will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). This dual listing provides ease of trading for institutional and retail investors, making it an attractive investment option.
Power Grid Corporation of India Limited (PGCIL), a Maharatna CPSU, is India’s largest electric power transmission company. Established in 1989, it operates under the Ministry of Power, GoI, and specialises in extra-high voltage AC and HVDC transmission. As of March 31, 2021, the government holds a 51.34% stake in PGCIL. The company ensures efficient power transmission by moving large power blocks from central generating units and surplus areas to load centres across regions.
As of December 18, 2024, 3:36 PM, the shares of Power Grid Corporation are trading at ₹321.85 per share with a decline of 2.46% from its previous day’s closing price. Over the last month, the stock has seen a surge of 3.08%. While over the year the stock has surged by 38.73.%.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 18, 2024, 4:22 PM IST
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