Maharashtra State Electricity Distribution Company Ltd to issue UDAY bonds of Rs 1,600 crore

The Maharashtra State Electricity Distribution Company Limited (MSEDCL) has decided to issue fresh bonds worth Rs 1,600 crore under the Ujwal DISCOM Assurance Yojana (UDAY), to raise funds to pay for its debt. A senior official from the state energy department told The Indian Express that a proposal has been submitted to the finance department for approval. “The bonds will be issued by MSEDCL and the coupon rate is yet to be decided. Once the cabinet approves the proposal, the details will be worked out,” said the official.In November 2015, the Union government had launched the UDAY scheme to address the issue of the deteriorating financial health of debt-ridden state-owned distribution companies. According to the scheme, states were to tak.....