New Delhi: State-run non-banking finance company Power Finance Corporation (PFC) has raised Rs 6,940 crores ($1 billion) through the issuance of bonds in the international market. This was the public sector enterprise’s first issuance in the global market after it acquired Rural Electrification Corporation (REC), the company said in a regulatory filing.
The PSU said in the filing that the issuance had attracted a strong and diversified order book, indicating that the investors had confidence in PFC’s differentiated credit despite volatile market conditions and concerns over Indian NBFI sector.
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PFC is responsible for financing power projects and its main source of revenue is interest income on loans.
“PFC, a government-owned NBFC, has successfully tapped the international market and raised $1 billion through Reg – S bonds in one go,” the company said in the filing.
‘Transaction establishes PFC’s status as India’s leading NBFC’
Rajeev Shanna, Chairman and Managing Director of PFC, said, “The transaction establishes PFC’s status as leading NBFI in India having priced its first dual and largest $ bonds transaction for government-owned Indian NBFC. This is also PFC’s first $issuance in the five-year tenor. The successful completion of the deal underscores investor’s continued confidence in PFC post-acquisition of REC.”
In March 2019, PFC completed the acquisition of the government’s majority stake in REC by transferring a total of Rs 14,500 crore to the Centre’s coffers.
Shares of PFC dropped 1.2 percent on Wednesday to close at Rs 132 on BSE.