Excelsior Correspondent
NEW DELHI, Jan 11: Powergrid has done a landmark transaction for US$ 500 Million i.e. 2700 crore in its debut issue in foreign currency market in terms of Clause 36 of Listing Agreement with a coupon rate of 3.875 per cent per annum for ten years note.
This note shall be listed in Singapore Stock Exchange.
This is a benchmark bond as it is the first international issuance from an India Corporate in 2013. The order books were in excess of USD 9.5 billion representing an astonishing oversubscription of 19 times which is the highest oversubscription seen amongst Indian bond deals. The proceeds of the issue will be utilized to fund the capital expenditure of Powergrid
The Powergrid has also got its rating done from Standard & Poor’s Rating Services. Fitch Ratings. Standard & Poor’s has given the Corporate Credit Rating as BBB – (Negative) and for Senior Unsecured it is BBB.
Powergrid, the “Central Transmission Utility” of India is the third largest transmission utility in the world which wheeled about 50 percent of total power generated in India in 2012. The Navratna company in owned by the Government of India to the tune of 69.42 per cent of issued & paid up Equity Share Capital.
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