Power Grid Corporation of India (Powergrid) on March 4 said its board has approved a proposal to raise up to ₹1,200 crore by issuing bonds.

“The Committee of Directors for Bonds approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds — LXXVI (76th) issue up to ₹1,200 crore,” the company said in an exchange filing.

On the size of the issue, the company said the base size is ₹400 crore, along with the green shoe option of ₹800 crore.

The bonds are redeemable at par at the end of the 10th year, and interest payment on a yearly basis, the company said.

Powergrid, under the Ministry of Power, is India’s largest electric power transmission utility with 1,76,762 ckm of transmission lines.