PFC plans to raise Rs 100 billion through NCDs

Power Finance Corporation (PFC) Limited is planning to raise Rs 100 billion through non-convertible debentures (NCDs) and has filed a draft prospectus for it.
The public issue of secured, rated, listed, redeemable NCDs with a face value of Rs 1,000 each, aggregating up to Rs 100 billion (shelf limit), will be issued in one or more tranches. Of the net proceeds, at least 75 per cent will be utilised for onward lending, financing/refinancing the existing debt of the company, and/or debt servicing and payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company.