India New Issue-Power Grid Corp to issue 10-year bonds - traders

MUMBAI, Feb 14 (Reuters) - Power Grid Corp of India plans to raise at least 5 billion rupees ($60.42 million) through staggered redemption bonds maturing in 10 years, its first issue in the current financial year, three merchant bankers said on Tuesday.

The state-run company has invited bids from investors and bankers on Thursday. Bidding will take place on the Bombay Stock Exchange's electronic platform between 11:00 a.m. IST and 12:00 p.m. IST.

The issue also has a greenshoe option to retain an additional subscription of 17 billion rupees.

The bonds are rated AAA by CRISIL and ICRA. The issue will close for subscription on Friday.
($1 = 82.7480 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia)

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India New Issue-Power Grid Corp to issue 10-year bonds - traders

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