Power Grid sells Rs2047 cr of bonds at 8.9%

Power Grid sells Rs2047 cr of bonds at 8.9%

Mumbai: Power Grid Corp has raised Rs2047 crore via a bond sale that closed on Tuesday, two sources with knowledge of the matter said on Wednesday.

The cut-off yield on the 15 year bonds was 8.90%, the upper range of the indicative levels provided for the book-building process.

The company had aimed to raise at least Rs1500 crore, and the bonds are rated ‘AAA´ by Crisil, Care and ICRA.

Each bond will comprise of 12 detachable strips redeemable at the end of each year starting from the fourth.

Arrangers were AK Capital, ICICI Securities Primary Dealership, Trust Capital, Axis Bank, IDFC SSKI, ICICI Bank, Almondz Global, HSBC Bank, Citigroup, Enam Securities, Kotak Mahindra Bank, LKP Securities, SBI Capital Markets.