Shares of Power Grid Corp of India Ltd. advanced 0.70% to Rs 229.65 apiece in trade on Wednesday.
Power Grid Corp of India's board approves the raising unsecured, non-convertible, non-cumulative, redeemable, taxable bonds on private placement basis.
The total issue size of the bonds is upto Rs 900 crore including a green shoe option of Rs 600 crore by securitization of cashflows of 10 years.
Bonds are redeemable in 40 equal instalments with an interest payment on quarterly basis.
The stock fell as much as 16.05% intraday. Total traded volume stood at 195.8 times its 30-day average. The relative strength index was at 52.
Out of the 23 analysts tracking the company, 19 maintain a 'buy' rating, four recommend a 'hold' and one suggests to 'sell' the stock.
The return potential as calculated by the consensus of analyst estimates, stand at an upside of 7.6% over the next 12 months.
Source: Bloomberg, Exchange filing
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