AP Power Finance Corporation to raise Rs 50 billion through bonds

The Andhra Pradesh Power Finance Corporation (APPFC) is in the process of raising Rs 50 billion through bonds after permission from the state government. APPFC has decided to raise funds by issuing redeemable non-convertible power bonds for Rs 20 billion with a greenshoe option of Rs 30 billion through private placement, with an unconditional and irrevocable guarantee by the state. Credit rating agency Brickwork Ratings has assigned a provisional rating of BWR AA (SO) (stable) to the proposed bonds.