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Web Exclusive | January 2013

PowerGrid raises Rs 2,700 cr through foreign debt

For its capital expenditure, the Power Grid Corporation of India (PowerGrid) has pooled up $500 million (Rs 2,700 crore) from the foreign currency market. The public sector company issued 10-year notes with a coupon rate of 3.875 per cent annually, PowerGrid said on January 11.

The notes shall be listed on the Singapore Stock Exchange. This is a benchmark bond, as it is the first international issuance from an Indian corporate in 2013.

PowerGrid’s order books were over $9.5 billion, representing an oversubscription of 19 times, the highest seen among Indian bond deals, PowerGrid said in a statement.

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