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Power Finance seeks re-bids to raise funds via tier II bonds

Source : REUTERS
Last Updated: Wed, Jun 05, 2013 06:59 hrs
An employee works on electric pylons at a power station in Greater Noida

Power Finance Corp Ltd has invited re-bids on Thursday to raise at least 1.5 billion rupees through an issue of 10-year subordinated tier II bonds, a termsheet showed.

The state-run lender for power projects had cancelled the previous bond sale on Monday owing to mismatch in pricing expectations with arrangers, dealers said.

The proceeds from the bond sale will be used to strengthen capital adequacy and augment long-term resources, the firm said in the document.

The bond is rated 'AAA' by Crisil and ICRA.


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