|
The NCDs issue opened on 21 July 2023 and it will close on 28 July 2023. An investor will have to subscribe to a minimum of 10 NCDs (aggregating Rs 10,000), and in multiples of 1 NCD (Rs 1,000) thereafter. The NCDs are proposed to be listed on the BSE.
The bonds are available in three series with tenors ranging from 3 years, 10 years and 15 years. The frequency of interest payment is annual basis.
Coupon for NCDs ranges from 7.45% to 7.50% per annum while effective yield (% per annum) ranges from 7.44% to 7.49%.
The NCDs proposed to be issued under this issue have been rated CARE AAA/Stable by CARE Ratings; CRISIL AAA/Stable by CRISIL; and ICRA AAA/Stable by ICRA.
At least 75% of the funds raised will be used for the purpose of onward lending, financing and for repayment of interest and principal of existing borrowings of the company. The company intends to deploy upto 25% of the amount for general corporate purposes.
Power Finance Corporation (PFC) is a leading public financial institution in India and a Schedule-A Maharatna Central Public Sector Enterprise (CPSE). It plays a crucial role in the development of the power sector in India by collaborating with government agencies, state governments, power utilities, and private sector clients. PFC offers a wide range of financial products and services, including loans, equipment lease financing, and transitional financing for power projects. It has expanded its focus to include projects related to power sector infrastructure, capital equipment procurement, and power trading initiatives. PFC is involved in various government programs and acts as a nodal agency for schemes like RDSS, UMPPs, IPDS, and ITPs. It aims to contribute to the government's renewable energy goals and has aligned its operations with emerging opportunities in e-mobility and transmission and distribution. PFC is registered with the RBI as a non-deposit taking systemically important NBFC. Its clients include central and state power utilities, private power sector utilities, and power equipment manufacturers, and it provides a comprehensive range of financial products and services to them.
The Government of India holds 55.99% in the company.
The company's consolidated net profit jumped 45.9% to Rs 4,676.71 crore in Q4 FY23 as against Rs 3,205.88 crore posted in Q4 FY22. Total income rose 6.4% year on year (YoY) to Rs 20,074.11 crore in the quarter ended 31 March 2023.
|