Power Finance Corp plans to raise Rs 10,000-Cr via bonds
Power Finance Corp plans to raise Rs 10,000-Cr via bonds
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Power Finance Corporation (PFC) one of   India's biggest lenders to the power sector,  will raise Rs 10,000 crore through bonds in two tranches. The first tranche of Rs 5,000 crore will open for subscription on January 15 and close on January 29, according to the company's prospectus.

PFC had previously sold tax-free infrastructure bonds to retail investors and this would be its maiden taxable issuance to individual buyers. The proceeds of the issue would be used for "onward lending, financing / refinancing the existing indebtedness of our company, and/or debt servicing (payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of our company), and general corporate purposes," PFC said.

At least 75% of the proceeds would go towards onward lending and financing/refinancing of existing debt. Secured redeemable non-convertible debentures (NCD) of face value Rs 1,000 will be available for subscription in lots of 10 NCDs.

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