Power Grid Corporation of India shares gained more than 3.5% on Monday to a fresh 52-week high of ₹297.05 per piece on BSE after the company announced raising ₹1,200 crore via bonds on a private placement basis.
Power Grid Corporation informed the stock exchanges that at the Board meeting conducted on March 4, 2024, its Committee of Directors for Bonds approved the proposal to issue bonds as ‘Unsecured, Non-convertible, Non-cumulative, Redeemable, Taxable POWERGRID Bonds—LXXVI (76th) Issue 2023-24’ of not more than ₹1,200 crore.
The bonds will be issued on a private placement basis, with a base issue size of ₹400 crore and the green shoe option of ₹800 crore, thereby taking the total issue size to ₹1,200 crore, the public sector undertaking of the Power Ministry said in a filing to the stock exchanges.
Power Grid Corporation has stated that the bonds can be redeemed at par at the end of the 10th year, along with the interest payable on a yearly basis. The coupon or interest rate to be offered will be decided after the bidding is conducted at the Electronic Book Provider (EBP) Platform.
The bonds will be of an ‘unsecured’ nature with no special rights, interests, or privileges attached to the instrument.
After the announcement, shares of PowerGrid Corporation gained as much as 3.53% in intraday trade to a new 52-week high of ₹297.05 apiece on BSE.
The state-owned company’s shares have shown strong performance in recent times, gaining nearly 40% in the last three months, and rising 25% so far in the year. The PSU stock has shot up by almost 80% in the past one year, while increasing significantly by over 133% in three years.
Shares of PowerGrid Corp were trading 3.12% higher at ₹295.85 per piece on BSE at 2:40 PM.
(Edited by : Ajay Vaishnav)
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