PFC files prospectus to raise up to Rs 50 billion through NCD issue

Power Finance Corporation Limited (PFC) has filed a prospectus to raise up to Rs 50 billion through the first tranche of a public issue of secured non-convertible debentures (NCDs). The tranche has a base issue size of Rs 5 billion, with an option to retain oversubscription up to Rs 45 billion, aggregating up to Rs 50 billion, which is within the shelf limit of Rs 100 billion. The issue comprises secured, rated, listed, taxable and redeemable NCDs, with tenors of 5, 10 and 15 years, including a zero-coupon option. Coupon rates range between 6.85 per cent and 7.30 per cent per annum, depending on the investor category and series.