New Delhi : The board of directors of the public sector undertaking has approved the proposal to raise up to Rs 4,250 crore by issuing bonds of Power Grid Corporation of India on private placement basis. Along with this, Power Grid has said in the information given to the stock market on Wednesday that this proposal was presented in the meeting of the committee of directors related to the bonds of the company.
In which it is said that – For the bonds, the Committee of Directors has approved raising Rs 4,250 crore on private placement basis by issuing unsecured non-convertible, non-cumulative, redeemable, taxable, POWERGRID bonds.
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'Green Shoe' option included
Let us tell you that the company has said that its base size is Rs 1,000 crore. This includes a 'green shoe' option of Rs 3,250 crore. The bonds will be issued for 10 years and can be redeemed at par after this period. Interest will be paid on annual basis.
With this, shares of Power Grid fell 2.51% to Rs 322.85 per share on NSE, and by 2:42 pm the stock was trading 1.81% lower at Rs 325.15 per share. While the benchmark Nifty 50 is down 0.86%, it has gained 62.789% in the last 12 months and 36.43% so far this year. Of the 21 analysts tracking the company, 10 have a 'buy' rating, eight have a 'hold' rating and three have a 'sell' rating, according to Bloomberg data. The average 12-month consensus price target suggests an upside of 3.3%.
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