Power Grid Corp approves ₹5,000 crore unsecured NCD issuance
- Power Grid Corporation of India approved a ₹5,000 crore NCD issue via private placement
- The base size is ₹1,000 crore with a ₹4,000 crore green shoe option
- Bonds have a 10-year tenure with annual redemptions starting in year four
- Instruments are unsecured and will be listed on both BSE and NSE
*this image is generated using AI for illustrative purposes only.
Power Grid Corporation of India approved the issuance of unsecured non-convertible debentures worth up to ₹5,000 crore through a private placement. The Committee of Directors for Bonds sanctioned the move during its meeting on September 18, 2026.
The issuance, titled POWERGRID Bonds - LXXXIV (84th Issue 2026-27), consists of a base size of ₹1,000 crore with an oversubscription option of ₹4,000 crore. The instruments are non-cumulative, redeemable, and taxable.
Bond Structure Details
The company outlined the key terms of the proposed bond issue in its regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
| Feature | Details |
|---|---|
| Base Issue Size | ₹1,000 crore |
| Green Shoe Option | ₹4,000 crore |
| Total Issue Size | ₹5,000 crore |
| Tenure | 10 years from deemed date of allotment |
| Redemption Schedule | Annual payments starting from end of 4th year |
| Security Status | Unsecured |
| Listing Venues | BSE and NSE |
The coupon rate and interest payment schedule will be determined after bidding on the Electronic Book Provider platform. The bonds carry no charge or security over the company's assets and attach no special rights or privileges to holders.
Compliance and Default Status
Power Grid confirmed there have been no delays in the payment of interest or principal amounts for more than three months from due dates. The filing also stated there are no defaults or pending comments from regulators regarding payment obligations or asset concerns related to these securities.
Historical Stock Returns for Power Grid Corporation of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.91% | -2.06% | 0.0% | -10.84% | -7.31% | +98.47% |
How might the determined coupon rate for this issue compare to current government bond yields and impact Power Grid's overall cost of capital?
What specific infrastructure projects or capacity expansions is Power Grid likely funding with this ₹5,000 crore raise?
Could the 10-year tenure and unsecured nature of these debentures signal a shift in Power Grid's debt maturity profile or risk management strategy?
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