Power Finance Erases Early Morning Gains on Expanding Borrowing Programme to Rs 1 lakh crore

5 Jan 2024 , 12:39 PM

Power Finance Corporation’s shares lost their early gains on January 5 after the corporation increased its market borrowing plan to Rs 1.05 lakh crore.

At around 11.42 AM, Power Finance was trading 0.70% lower at Rs 402.90, against the previous close of Rs 405.75 on NSE. The counter touched an intraday high and low of Rs 408.35 and Rs 400.50, respectively.

The borrowing programme for the current fiscal year was Rs 80,000 crore. Bonds, debentures, term loans, external commercial borrowings, and other debt instruments are borrowed on a public or private placement basis.

The company, as stated in its filing with the exchanges, plans to raise funds under the modified market borrowing program intermittently throughout the fiscal year 2023-24. This will be carried out with the approval of the competent authority, in accordance with the powers delegated by the Board of Directors.

Power Finance Corporation signed an initial agreement with the Gujarat government on January 3 to offer full financial support for the state’s generating, transmission, and distribution projects.

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