PFC launches tranche-1 of NCD issue

Power Finance Corporation Limited (PFC) has launched the tranche-1 issue of non-convertible debentures (NCDs) worth Rs 50 billion.

It will consist of Rs 5 billion of primary issue and a green shoe option of upto Rs 45 billion, totaling Rs 50 billion. The issue is part of the Rs 100 billion funding raising plan approved by its board. The issue will have three tenure options of 3, 10 and 15 years, offering an annualised coupon rate of 7.45 per cent to 7.55 per cent per annum. PFC is also awaiting Reserve Bank of India’s nod to set up a subsidiary at the International Financial Services Centre in Gandhinagar.