Sterlite Grid Power Ventures Re9.25 billion bond issue

Overview:

• Sterlite Grid Power Ventures has issued a Re9.25 billion bond on behalf of subsidiary East North Interconnection Company.
• The issue consisted of three tranches with rates of  8.85%, 9.10% and 9.25% due 2033 and were issued on a private placement basis.
• IDFC, Kotak Mahindra Bank and DSP Blackrock were the initial purchasers.
• The funds raised will be used for the development of the 400kv transmission line connecting Bongaigaon, Assam, Siliguri, West Bengal and Purnea, Biharsharif, Bihar.
• The deal is thought to be the first bond issue by a private transmission grid operator in India.

Katrin Kostadinova - Data analyst