Power Finance Corp to Launch First Sale of Government Bonds for Retail Investors

Power Finance Corp to Launch First Sale of Government Bonds for Retail Investors

Power Finance Corporation (PFC), the leading energy lender, to launch its first sale of government bonds for retail investors to raise Rs 5,000 crore. PFC to open its public issue of non-convertible debentures (NCD) guaranteed and redeemable on January 15, 2021.

NTMs have a face value of Rs 1,000 each. In a statement, the company said the size of the base issue was Rs 500 crore with an option to keep an oversubscription of up to Rs 4,500 crore, totaling up to Rs 5,000 crore, which is in the range Storage limit of Rs 10,000 crore. Allocation would be on a first come, first served basis and the first tranche is expected to close on January 29, 2021.

This document recently reported that the PFC will raise Rs 1.18 trillion this fiscal year and also tap the domestic retail bond market.

Investors are divided into four categories. Of the total issuance, 40% of the allocation is for retail and high net worth…

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