Power Grid on Monday said its committee of directors has approved a proposal to raise up to Rs 3,800 crore through issuance of bonds on private placement basis.

The base issue size will be Rs 1,000 crore with a green shoe option of Rs 2,800 crore, the company said in an exchange filing.

Bonds are redeemable at par in 10 equal annual installments and interest payment on yearly basis.

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