Power Finance Corporation Limited (PFC) is indeed one of the prominent financial institutions in India with a primary focus on the power sector. The organization collaborates with various entities such as Government of India (GoI) agencies, state governments, power sector utilities, other intermediaries within the power sector, and private sector clients. PFC’s main objective is to contribute to the development and execution of policies, as well as structural and procedural reforms, within the power sector in India. It is coming up with a debt offer which is starting for subscription from July 21 to July 28, 2023. Click here to apply in the Power Finance Corporation Limited NCD.
The company is raising Rs 500 crore from the issue at a price of Rs 1000 each. Investors need to apply for a minimum of 1 NCD in a lot. The company has received rating of CARE AAA, Stable by CARE Ratings Limited, CRISIL AAA/Stable by CRISIL Limited and ICRA AAA, Stable by ICRA Limited.
Power Finance Corporation Limited has reserved 10% quota for institutional investors, 10% for non-institutional investors, 40% for high net-worth investors and 40% for retail investors.
The company will use the net proceeds from the issue for onward lending, financing and repayment of interest and principal amount of borrowings and other general corporate purposes.
These NCDs have tenures of 3, 10, and 15 years. It offers coupon rates from 7.50% to 7.55% based on the selection of investors. The frequency of interest payments will be Annual. Allotment of these NCDs will be in dematerialized mode only. Application is to be made through ASBA mode only.
Check the coupon rates of NCDs of Power Finance Corporation Limited
Series 1 | Series 2 | Series 3 | |
Frequency of Interest Payment | Annual | Annual | Annual |
Nature | Secured | Secured | Secured |
Tenor | 3 Years | 10 Years | 15 Years |
Coupon (% per Annum) | 7.50% | 7.53% | 7.55% |
Effective Yield (% per Annum) | 7.49% | 7.52% | 7.54% |
Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 |
RHP:
Tax implications:
Power Finance Corporation Limited NCD is managed jointly by JM financial Ltd, A.K. Capital Services Limited, SMC Capitals, Nuvama Wealth Management and Trust Investment Advisors Private Limited. KFin Technologies Limited is the registrar of NCD and Beacon Trusteeship Services Limited is debenture trustee to the same.
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