Power Finance Corporation (PFC) will raise up to Rs 5,000 crore through the issue of secured, listed, redeemable non-convertible debentures. The debentures have a face value of Rs 1,000 each.
The tranche I issue of non-convertible debentures has a base size of Rs 500 crore with a green shoe option of up to Rs 4,500 crore.
NCDs are proposed to be listed on the BSE.
The minimum application size of the issue is Rs 10,000 and in multiples of Rs 1,000 thereafter.
This issue has tenure options of three years, 10 years and 15 years, with annual coupon payment being offered across series I, II, and III, respectively.
Effective yield for debenture holders in various categories range from 7.44% to 7.54% per annum.
Out of the net proceeds of the tranche I, at least 75% shall be utilised for the purpose of onward lending, financing, refinancing the existing indebtedness, debt servicing. The remaining 25% will be utilised for general corporate purposes, the company said in a press release.
The non-bank lender’s consolidated revenue rose to Rs 77,568 crore in 2022-23 (April-March), from Rs 76,262 crore in 2021-22.