Founded in 1986, Power Finance Corporation Limited (PFC) stands as a prominent financial institution within India, with a focused dedication to the power sector. PFC engages in collaborations with a spectrum of stakeholders, encompassing Government of India (GoI) entities, state governments, power sector utilities, fellow intermediaries in the power sector, and private sector clients. The central objective lies in spearheading the development and execution of policies, structural enhancements, and procedural reforms within the Indian power sector.
Under the regulatory purview of the Reserve Bank of India (RBI), PFC holds the status of a significant non-deposit taking non-banking financial company (NBFC). A remarkable milestone was achieved when PFC was bestowed with the coveted ‘Navratna’ status by the Government of India in 2007.
PFC extends an array of financial products and ancillary services, encompassing:
- Comprehensive services spanning the entire project lifecycle, commencing from ideation through post-commissioning phases. This encompasses an array of projects, encompassing both conventional and renewable energy generation, transmission and distribution initiatives, and pertinent modernization endeavors.
- A diverse range of fund-based support, spanning long-term project financing, short-term loans, lines of credit for buyers, debt underwriting, and innovative debt refinancing schemes.
- Various forms of non-fund-based support, encompassing guarantees for default payment, enhancement of credit assurance, and issuance of letters of comfort.
- Engaging fee-based technical advisory and consultancy services for projects within the power sector, facilitated through PFC’s wholly-owned subsidiary, PFC Consulting Limited.
In its enduring commitment to the power sector’s advancement, Power Finance Corporation Limited epitomizes a transformative force within India’s financial and energy landscape.
Power Finance Corporation NCD July 2023 Detail #
| Issue Open | Jul 21, 2023 – Jul 26, 2023 |
| Security Name | Power Finance Corporation Limited |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 500.00 Crores |
| Issue Size (Shelf) | Rs 5,000.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Credit Rating | CARE AAA, Stable by CARE Ratings Limited, CRISIL AAA/Stable by CRISIL Limited and ICRA AAA, Stable by ICRA Limited |
| Tenor | 3, 10, and 15 years |
| Series | Series I to III |
| Payment Frequency | Annually |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Beacon Trusteeship Limited |
Power Finance Corporation Limited NCD Coupon Rates
| # | 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 |
NCD Rating #
The NCDs proposed to be issued under the issue have been rated “CARE AAA, Stable” by CARE Ratings Limited, “CRISIL AAA/Stable” by CRISIL Limited, and “ICRA AAA, Stable” by ICRA Limited.
Company Promoters #
The promoter of the company is the President of India acting through the Ministry of Power, Government of India.
Company Financials #
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus |
|---|---|---|---|---|---|
| 31-Mar-21 | 775,707.08 | 71,700.67 | 15,716.20 | 81,790.25 | 60,371.31 |
| 31-Mar-22 | 791,000.27 | 76,344.92 | 18,768.21 | 96,275.15 | 69,310.98 |
| 31-Mar-23 | 896,111.86 | 77,625.19 | 21,178.59 | 111,981.28 | 82,507.74 |
| Amount in ₹ Crore | |||||
Objects of the Issue #
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- For the purpose of onward lending, financing / refinancing the existing indebtedness of the company, and/or debt servicing (payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company), and
- General corporate purposes.
Power Finance Corporation NCD July 2023 Prospectus #
Power Finance Corporation NCD July 2023 Subscription Status #
The Power Finance Corporation NCD July 2023 was subscribed 5.84 times on Jul 26, 2023 1:00:00 PM. The NCD subscribed 2.23 times in Retail, 9.24 times in HNI, 7.55 times in Non-Institutional, and 5.01 times in the Institutional category.
| Category ? | Subscription (times) |
|---|---|
| Retail | 2.23x |
| HNI | 9.24x |
| Non-Institutional | 7.55x |
| Institutional | 5.01x |
| Total | 5.84x |
Check Day by Day Bidding Details
Company Contact Information #
“Urjanidhi”, 1,
Barakhamba Lane,
Connaught Place, New Delhi – 110 001Phone: +91 11 2345 6000
Email: publicissue2324@pfcindia.com
Website: https://www.pfcindia.com/
Power Finance Corporation NCD July 2023 Registrar #
Kfin Technologies Limited
KFintech, Tower-B, Plot No 31 & 32,
Financial District, Nanakramguda, Gachibowli,
Hyderabad, Telangana India – 500 032.
Phone: 04067162222, 04079611000
Email: pfcl.ncdipo@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
