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

MUMBAI, March 17 (Reuters) - Power Grid Corp of India plans to raise at least 3 billion rupees ($36.36 million) through staggered redemption bonds maturing in 10 years, three merchant bankers said on Friday. The state-run company has invited bids from bankers and investors on Tuesday. Bidding will take place on the National Stock Exchange's electronic platform between 10:30 a.m. IST and 11:30 a.m. IST, they said.

The issue also has a greenshoe option to retain an additional subscription of 6 billion rupees.

The bonds are rated AAA by CRISIL, CARE and ICRA.

The company will make a quarterly coupon payment on this bond issue, which will be settled on Thursday.

On Thursday, Reuters had reported that Power Grid Corp of India plans to raise up to 9 billion rupees through staggered redemption bonds maturing in 10 years and is likely to invite bids from bankers and investors next week.

In February, the company raised 21.20 billion rupees through staggered redemption bonds maturing in 10 years at a coupon of 7.40%. ($1 = 82.5175 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Janane Venkatraman)

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

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