PFC, REC to raise up to Rs 20,000 crore

Mumbai: Power Finance Corp and its subsidiary Rural Electrification Corp are set to raise up to Rs 20,000 crore through their first retail taxable-bond sales, helping inject a fresh lease of life into the moribund public issuance market.

Each of the power project financiers could raise Rs 10,000 crore. They have appointed about half a dozen arrangers to help raise the funds, three people with direct knowledge of the matter said. The state-owned financiers could raise the funds in two or three installments.