Lavanya R, 310V is much more than the 230V you are asking for but may be the basis for a further stage of regulation down to 230V. It depends upon the type of equipment you are using. Some equipment will be damaged by applying such a high overvoltage, some may not but 80V is a considerable amount to cater for.
Tell us what kind of equipment it is, how much current it needs and how stable the voltage has to be, then we can advise on the best strategy.
Brian.