India New Issue-PFC to issue over 10-year bonds - bankers

CARE Ratings

23/03/2023 02:29

MUMBAI, March 23 (Reuters) - India's Power Finance Corp
 PWFC.NS  plans to raise at least 5 billion rupees ($60.67
million) each through two sets of bonds, both maturing in 10
years and 19 days, three merchant bankers said on Thursday. 
    The state-run company has invited coupon and commitment bids
for both the issues on Friday, they said.
    One of the issues has a put option at end of three years and
19 days, and will have a greenshoe option to retain an
additional 20 billion rupees, while the plain vanilla bond issue
will have a greenshoe option to retain an additional 12 billion
rupees. 
    The bonds are rated AAA by Crisil, CARE Ratings and ICRA and
the issues will be settled next week.
    Earlier this month, PFC raised an aggregate of 57.63 billion
rupees selling bonds maturing in three years and four months,
and separately transferable redeemable principal part (STRPP)
bonds maturing from seven years to 10 years, at an annual coupon
of 7.77% and 7.82% respectively. 

     ($1 = 82.4170 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by
Sherry Jacob-Phillips)
 ((Dharamraj.dhutia@tr.com))