Power Finance Corporation Ltd (PFC) plans to raise up to Rs 10,000 crore through public issue of non-convertible debentures (NCDs).
It will open its Rs 5,000 crore public issue of secured, redeemable NCDs on Friday, January 15. The base issue size is Rs 500 crore with an option to retain oversubscription of up to Rs 4,500 crore aggregating up to Rs 5,000 crore which is within the shelf limit of Rs 10,000 crore, said a statement by PFC.
The NCDs are of face value of Rs 1,000 each. The tranche-I issue is scheduled to close on January 29 with an option of early closure or extension as decided by PFC's Board of Directors or a duly constituted committee thereof.
The tranche-I issue offers options for tenures of 3, 5, 10 and 15 years. The 3-year tenure NCD in Series-I will offer a fixed coupon rate of 4.65 per cent per annum to 4.80 per cent per annum, while the 5-year tenure NCD in Series-II will offer fixed coupon rate of 5.65 per cent per annum to 5.80 per cent per annum depending on the category of investors.
The 10-year tenure NCDs offers options of both fixed and floating rates of interest. The fixed coupon rate is 6.63-7.00 per cent per annum.
The minimum application size is for 10 NCDs aggregating to Rs 10,000 collectively across all series of NCDs and in multiples of One (1) NCD of face value of Rs 1,000 each thereafter.