PowerGrid raises $500-m via overseas bond
New Delhi: PowerGrid has said it has mopped up $ 500 mllion (Rs 2,700 crores) from foreign currency market. The public sector company has issued ten years note with coupon rate of 3.875 per cent annually.
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 $ 9.5 billion representing an oversubscription of 19 times which is the highest oversubscription seen amongst Indian bond deals, PowerGrid said in a statement.
The funds will be utilized to fund the capital expenditure of the company, it said
Soaring temperatures and heat waves have gripped North India, as locals try to beat it by drinking fluids and covering themselves as they drive their vehicles. The effect of the rising temperatures was visible in Allahabad, where scores of people turned up to take bath in the Ganges river to beat the heat.
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