New Delhi: State-run non-banking finance company Power Finance Corporation (PFC) said on Monday that it has raised Rs 2,070-crore ($300 million) loan from overseas. PFC got a joint approval for the loan from State Bank of India, Hong Kong and MUFG Bank Ltd, Singapore.
PFC’s second borrowing in FY20
This is PFC’s second foreign currency borrowing in the current financial year. The public sector company earlier earned $1 billion through issuance of Reg-S bonds, said an official release. This was the biggest bond issuance overseas by a government-run company.
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After raising $300 million, PFC has already managed to mobilise $1.3 billion, indicating a vote of confidence from the investors to the company after it purchased the Centre’s 52.63 percent stake in Rural Electrification Corporation (REC).