Power Finance Corporation plans to raise Rs 10,000 cr through NCDs

Power Finance Corporation is planning to raise Rs 10,000 crore through non-convertible debentures, the state-owned company said on Wednesday.

The company said it “has filed a draft shelf prospectus for Rs 10,000 crore non-convertible debentures (NCD) fundraise. The public issue of secured, rated, listed, redeemable NCDs with a face value of Rs 1,000 each aggregate up to Rs 10,000 crore (shelf limit) and will be issued in one or more tranches”.

The company filed the prospectus with the BSE on July 6.

Of the net proceeds, at least 75 per cent will be utilised for onward lending, financing/refinancing the existing debt of the company, and/or debt servicing and payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company, the Power Finance Corporation (PFC) said.