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PFC plans to raise at least 1.5 bln rupees via tax-free bonds - termsheet

Source : REUTERS
Last Updated: Tue, Sep 03, 2013 07:39 hrs
An employee works on electric pylons at a power station in Greater Noida

Power Finance Corp is planning to raise at least 1.5 billion rupees ($22.69 million) via a private placement of tax-free bonds, according to a termsheet.

The issue is open only to sovereign wealth funds and pension and gratuity fund investors, as per the document.

The firm will issue 10-year tax-free bonds at 8.11 percent, 15-year bonds at 8.48 percent, and 20-year bonds at 8.44 percent, as per the document.

The issue has a greenshoe option of 3.76 billion rupees and is rated AAA by Crisil, ICRA and Care rating agencies.

Power Finance has scheduled the issue opening and closing for Friday.


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