India New Issue-Power Grid Corp accepts bids for 10-year bonds, bankers say (updated)

Power Grid of India

24/10/2024 10:07

(Updates with additional details in paragraph 4)
    By Dharamraj Dhutia
       MUMBAI, Oct 24 (Reuters) - Power Grid Corp of India  PGRD.NS  has accepted bids worth 50
billion rupees ($595 million) for bonds maturing in 10 years, three bankers said on Thursday.
    The company will pay an annual coupon of 7.08% on this issue, and had invited bids from
bankers and investors earlier in the day, they said.
    The company did not immediately reply to a Reuters email seeking comment.
        These bonds witnessed strong bidding interest from long-term investors, with the spread
over the corresponding government bond yield at lowest for any such firm in the last 15 months.
    
  
  Here is the list of deals reported so far on Oct. 24: 
                                                                       
 Issuer        Tenure        Coupon (in %)  Issue size (in    Bidding  Rating
                                            bln rupees)*    date       
                                                                       
 PGC           10 years      7.08           50              Oct. 24    AAA (Crisil,
                                                                       Icra)
               10 years      7.12           50              Oct. 24    AAA (Crisil,
 Indian Bank                                                           Care)
                                                                       
               6 years and   7.8750         8               Oct. 23    AAA (Icra,
 NIIF Infra    1 month                                                 Care)
 Finance                                                               
                                                                       
               4 years and   To be decided  1+5             Oct. 25    AAA (Icra,
 Aditya Birla  10 months                                               India
 Housing                                                               Ratings)
                                                                       
               3 years and   To be decided  30+40           Oct. 25    AAA (Crisil,
 NABARD        4 months                                                Icra)
                                                                       
               5 years       Linked to OIS  6.30            Oct. 25    AA (Icra)
 Aavas                                                                 
 Financiers                                                            
                                                                       
    
 *Size includes base plus greenshoe for some issues

($1 = 84.0725 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Varun H K and Sumana Nandy)
 ((Dharamraj.dhutia@tr.com))