PFC to raise Rs 10,000 cr through bonds issue; 1st tranche to open Jan 15

Energy Finance Company Ltd (PFC), the nation’s largest lender to the ability sector, will raise Rs 10,000 crore through bonds in two tranches.

The primary tranche of Rs 5,000 crore will open for subscription on January 15 and shut on January 29, in accordance to the corporate’s prospectus.

PFC had beforehand offered tax-free infrastructure bonds to retail traders and this may be its maiden taxable issuance to particular person patrons.

The proceeds of the difficulty can be used for “onward lending, financing / refinancing the present indebtedness of our firm, and/or debt servicing (fee of curiosity and/or compensation/prepayment of curiosity and principal of present borrowings of our firm), and common company functions,” PFC stated.

No less than 75 per cent of the proceeds would go in direction of onward lending and financing/refinancing of present debt.

Secured redeemable non-convertible debentures (NCD) of face worth Rs 1,000 will likely be obtainable for subscription in plenty of 10 NCDs.

The problem is open for 4 classes of traders – institutional, non-institutional, excessive web price people, and retail particular person traders.

It nonetheless will not be open to minors with no guardian identify, international nationals, individual resident outdoors India, international institutional traders, international portfolio traders, NRIs, certified international traders, abroad company our bodies, and international enterprise capital funds.

The bonds are being supplied in 4 tenors – 3 years, 5 years, 10 years and 15 years.

The rate of interest for institutional and non-institutional traders will likely be 4.65 per cent, 5.65 per cent, and 6.78-6.95 per cent respectively for bonds of three, 5, and 15-year tenure. The ten-year bond for these set of traders will fetch 6.53 to 6.80 per cent curiosity.

The curiosity for prime web price people and retail particular person traders can be 4.80 per cent, 5.80 per cent, and 6.97-7.15 per cent for bonds of three, 5, and 15-year tenure. The ten-year bonds for this set of traders will fetch 6.78 to 7 per cent curiosity.

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