Government-owned transmission utility Power Grid Corporation of India (POWERGRID) has announced it would raise up to ₹60 billion (~$720 million) through a private placement of bonds.

The eighty-first issue of POWERGRID bonds (2025-26) includes a greenshoe option of ₹45 billion (~$540 billion) and a base issue size of ₹15 billion (~$180 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable.

These bonds will carry a 10-year tenure. Interest payments on the bonds will be made annually. The coupon or interest payments on the bond will be made through the bidding process on the electronic book provider platform.

The bond issue is proposed to be listed on the National Stock Exchange of India and the Bombay Stock Exchange. These bonds will not receive special rights or privileges since they are unsecured.

POWERGRID stated that there has been no delay of over three months or any default in interest payments and principal repayments to any debt instrument issued by it.

The company also clarified that it received no comments or letters from any debenture trustee regarding delays or defaults in its debt servicing. Information related to the redemption of preference shares does not apply, as the bonds are non-convertible.

POWERGRID said that the bond issue complies with the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements and Master Circular on issuing and listing non-convertible securities.

Recently, POWEGRID received a letter of intent from PFC Consulting to establish an interstate transmission system at Kurnool-III PS, Andhra Pradesh, to integrate 4.5 GW of renewable energy.

In 2024, POWERGRID announced the issuance of bonds worth ₹92.5 billion (~$1.11 billion) in two tranches last year, the first in October for ₹50 billion (~$594.7 million) and the second in December for ₹42.5 billion (~$499.62 million).