Government-owned transmission utility Power Grid Corporation of India (POWERGRID) has approved the issuance of bonds worth up to ₹42.5 billion (~$499.62 million) on a private placement basis.

The 80th issue of POWERGRID bonds (2024–25) comes with a base size of ₹10 billion (~$117.56 million) and a greenshoe option of ₹32.5 billion (~$382.07 million).

These bonds are unsecured, non-convertible, non-cumulative, redeemable, and taxable. They are structured for 10 years and redeemable at par at the end of the term. Interest on the bonds will be paid annually.

The bonds will be listed on the Bombay Stock Exchange and the National Stock Exchange. The bond coupon rate will be determined through a bidding process on the Electronic Book Provider platform.

The bond issuance aims to aid POWERGRID’s infrastructure projects and operations, and support its financial growth.

In October, POWERGRID approved the issuance of bonds worth up to ₹50 billion (~$594.7 million) on a private placement basis. The base issue size of this bond issue for the financial year 2025 was ₹10 billion (~$118.9 million), with an option to raise an additional ₹40 billion (~$475.7 million) through a greenshoe option, bringing the total potential issue size to ₹50 billion (~$594.7 million).

Recently, POWERGRID announced an investment of ₹3.67 billion (~$44.05 million) for infrastructure expansion involving two transmission projects scheduled to be commissioned in 2025.

Earlier, the company’s special-purpose vehicle, POWERGRID Bhadla Transmission, was authorized by the Ministry of Power to set up overhead transmission lines on a modified route to evacuate 8.1 GW of power from the solar energy zone in Rajasthan under Phase-II Part B.

In September, POWERGRID won a project to provide reactive compensation for an ISTS project in Gujarat from PFC Consulting. The project involves the provision of dynamic reactive compensation at Khavda Pooling Station 1 and Khavda Pooling Station 3 in Gujarat.