Description

POWER GRID CORPORATION OF INDIA LIMITED has fixed Record Date for payment of interest and part redemption of three series of bonds with reduced face value effective October 31, 2025.

Summary

POWER GRID CORPORATION OF INDIA LIMITED has announced part redemption of three series of bonds along with interest payment. Trading in these bonds will commence with reduced face values effective October 31, 2025 (Settlement DR-747/2025-2026). The record date for determining eligible bondholders is November 1, 2025.

Key Points

  • Three bond series are subject to part redemption: PGCL-7.40%-17-2-33-PVT, PGCIL-7.52%-23-3-33-PVT, and PGCIL-7.56%-31-3-33-PVT
  • Record date set for November 1, 2025 for both interest payment and part redemption
  • Trading with reduced face values starts October 31, 2025
  • PGCL-7.40%-17-2-33-PVT (INE752E08676) reduced to Rs. 72,500 per bond
  • PGCIL-7.52%-23-3-33-PVT (INE752E08684) reduced to Rs. 75,000 per bond
  • PGCIL-7.56%-31-3-33-PVT (INE752E08692) reduced to Rs. 75,000 per bond
  • All three bond series will settle under DR-747/2025-2026

Regulatory Changes

No new regulatory changes introduced. This is a standard corporate action notice for part redemption of bonds as per existing debt market regulations.

Compliance Requirements

  • Trading members must note the effective date of reduced face value trading (October 31, 2025)
  • Members must ensure systems reflect updated face values for the three bond series
  • Bondholders on record as of November 1, 2025 will be eligible for interest payment and part redemption proceeds

Important Dates

  • October 31, 2025: Effective date for trading with reduced face value (Settlement DR-747/2025-2026)
  • November 1, 2025: Record date for interest payment and part redemption eligibility

Impact Assessment

Market Impact: Medium - affects three bond series from a major public sector undertaking in the power transmission sector. Bondholders will receive partial redemption proceeds reducing their principal exposure.

Operational Impact: Trading members need to update their systems to reflect the new reduced face values for these three ISINs. The part redemption will result in lower outstanding bond amounts and may affect liquidity in these securities.

Investor Impact: Bondholders will receive return of principal (partial redemption) along with regular interest payment, providing liquidity while maintaining continued exposure to the issuer at reduced levels.

Impact Justification

Part redemption of corporate bonds affecting three ISIN series with specific face value reductions, impacting debt market participants and bondholders of POWER GRID CORPORATION OF INDIA LIMITED