India New Issue-India's PFC accepts bids for 15-year bonds, drops 3-year issue, bankers say

Power Finance

24/08/2026 08:12

MUMBAI, Aug 24 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 25 billion rupees ($261.16 million) for bonds maturing in 15 years, three merchant bankers said on Monday.
The company will pay an annual coupon of 7.55% to the investors of this issue, and had invited bids from bankers and investors earlier in the day, they added.
Separately, PFC also had plans to raise up to 25 billion rupees through a three-year paper, but ultimately withdrew the issue due to higher coupon bids, the bankers added.
"The cutoff would have been above 7.5% if the company would have opted to raise shorter duration funds, which does not make sense when compared to the 15-year levels," a banker said.  
The company did not respond to a Reuters email seeking comment.

 
 Here is the list of deals reported so far on August 24: 
Issuer
Tenure
Coupon (in %)
Issue size (in bln rupees)*
Bidding date
Rating
PFC
15 years
7.55
25
August 24
AAA (Care, Icra, Crisil)
Bajaj Finance
10 years
To be decided
20+40
August 25
AAA (Crisil)

 * Size includes base plus greenshoe for some issues


($1 = 95.7250 Indian rupees)

 (Reporting by Dharamraj Dhutia)
 ((Dharamraj.dhutia@tr.com))