Power Finance Corporation Limited (PFC), founded in 1986, is a Schedule-A Maharatna Central Public Sector Enterprise (CPSE) focused on the power sector. PFC collaborates with government agencies, state governments, power sector utilities, other power sector
intermediaries, and private sector clients to create and implement policies as well as structural and procedural reforms in India’s power industry. The company’s portfolio includes financial products and services for various power projects in the generation, transmission, and distribution sectors, such as rupee term loans, short-term loans, equipment leasing financing, transitional finance services, and so on. PFC is a non-deposit-taking systemically important NBFC regulated with the RBI. The GoI accorded
PFC ‘Navratna’ classification in 2007 and ‘Maharatna’ status in 2021. PFC provides a range of financial products and other services including:
- various forms of fund-based assistance, including long-term project finance, short/medium-term loan to equipment manufacturers, buyers’ lines of credit, underwriting of debt, and debt refinancing schemes
- various forms of non-fund-based assistance including default payment guarantees, credit enhancement guarantees, guarantees for the performance of contracts/ obligations, and letters of comfort
- services ranging from project conceptualization to the post-commissioning stage, including generation (conventional and renewable), transmission and distribution projects, and related renovation and modernization projects; and
- various fee-based technical advisory and consultancy services for power sector projects through our wholly-owned subsidiary PFC Consulting Limited.
Power Finance Corporation NCD July 2023 Details
| Subscription Dates | 21 – 28 July 2023 |
| Security Type | Secured, Redeemable, Non-Convertible Debentures |
| Face Value | INR 1,000 per NCD |
| Issue Price | INR 1,000 per NCD |
| Issue Size (Base) | INR 500 crores |
| Overall Issue Size (including oversubscription) | INR 5,000 crores |
| Minimum Lot Size | 10 NCDs |
| Market Lot | 1 NCD |
| Tenor | 3 Years 10 Years 15 Years |
| Credit Rating | CRISIL AAA/Stable CARE AAA/Stable ICRA AAA/Stable |
| Category Reservation | Category 1 (QIB): 10% Category 2 (NII): 10% Category 3 (HNI): 40% Category 4 (Retail): 40% |
| Basis of Allotment | First Come First Serve |
| Listing On | BSE |
Power Finance Corporation NCD July 2023 – Objects of the Issue
- 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) – At least 75% of net proceeds
- General corporate purposes – Maximum 25% of net proceeds
Power Finance Corporation NCD July 2023 – Options and Coupon Rates
| Option | Tenure | Interest Payment | Coupon Rate | Effective Yield | Maturity Amount |
|---|---|---|---|---|---|
| Series 1 | 3 Years | Annual | 7.45% (for categories 1 & 2) | 7.44% (for categories 1 & 2) | INR 1,000 |
| Series 1 | 3 Years | Annual | 7.50% (for categories 3 & 4) | 7.49% (for categories 3 & 4) | INR 1,000 |
| Series 2 | 10 Years | Annual | 7.47% (for categories 1 & 2) | 7.46% (for categories 1 & 2) | INR 1,000 |
| Series 2 | 10 Years | Annual | 7.53% (for categories 3 & 4) | 7.52% (for categories 3 & 4) | INR 1,000 |
| Series 3 | 15 Years | Annual | 7.50% (for categories 1 & 2) | 7.49% (for categories 1 & 2) | INR 1,000 |
| Series 3 | 15 Years | Annual | 7.55% (for categories 3 & 4) | 7.54% (for categories 3 & 4) | INR 1,000 |
Power Finance Corporation Non-Convertible Debentures Lead Managers
JM FINANCIAL LIMITED
7th Floor, Cnergy, Appasaheb Marathe Marg,
Prabhadevi Mumbai – 400 025
Phone: +91 22 6630 3030
Email: pfc.bondissue2023@jmfl.com
Website: https://www.jmfl.com
A.K. CAPITAL SERVICES LIMITED
603, 6th Floor, Windsor Off CST Road,
Kalina Santacruz (East), Mumbai – 400 098 Maharashtra
Phone: +91 22 6754 6500
Email: pfc.ncd2023@akgroup.co.in
Website: https://www.akgroup.co.in
NUVAMA WEALTH MANAGEMENT LIMITED
8th Floor, Wing A, Building No 3 Inspire BKC, G Block,
Bandra Kurla Complex, Bandra East, Mumbai – 400 051
Phone: +91 22 4009 4400
Email: pfc.ncd@nuvama.com
Website: https://www.nuvama.com
SMC CAPITALS LIMITED
A-401/402, Lotus Corporate Park, Off Western Express Highway,
Jai Coach Signal, Goregaon (East), Mumbai – 400063, Maharashtra
Phone: +91 22 6648 1818
Email: mflncd2022@smccapitals.com
Website: https://www.smccapitals.com
TRUST INVESTMENT ADVISORS PRIVATE LIMITED
109/110, Balarama, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051, Maharashtra
Phone: +91 22 4084 5000
Email: projectsamridhi.Trust@trustgroup.in
Website: https://www.trustgroup.in
Power Finance Corporation NCD Documents
- Power Finance Corporation NCD Tranche I Prospectus
- Power Finance Corporation NCD Draft Prospectus
- Upcoming NCDs
Power Finance Corporation Non Convertible Debentures Registrar
KFIN TECHNOLOGIES LIMITED
Selenium Tower B Plot 31-32,
Gachibowli Financial District Nanakramguda Serilingampally,
Hyderabad Rangareddi – 500 032 Telangana, India
Phone: +91 40 6716 2222
Email: pfcl.ncdipo@kfintech. com
Website: https://www.kfintech.com
Power Finance Corporation Contact Details
POWER FINANCE CORPORATION LIMITED
“Urjanidhi”, 1, Barakhamba Lane,
Connaught Place, New Delhi – 110 001
Phone: +91 11 2345 6000
Email: publicissue2324@pfcindia.com
Website: https://www.pfcindia.com
Power Finance Corporation NCD Tranche IPO FAQs :
Q1. What is the face value and lot size of Power Finance Corporation NCD July 2023?
Ans. The NCDs will be issued at a face value of INR 1,000 each NCD and the minimum lot size is 10 NCDs.
Q2. What is the frequency of interest payment in Power Finance Corporation NCD July 2023?
Ans. The frequency of payment for Power Finance Corporation NCD is Annual.
Q3. What is the basis of allotment in Power Finance Corporation NCD July 2023 offer?
Ans. Power Finance Corporation NCDs will be allotted on a First Come First Serve Basis.
