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The MoU was signed by Shri Pankaj Agarwal, Secretary, Power and Smt. Parminder Chopra (CMD, PFC) in the presence of senior officials of the Ministry of Power and PFC. PFC is the largest Maharatna CPSE and largest NBFC in India on a consolidated basis. PFC also leads India’s energy transition, having the largest renewable loan portfolio. Additionally, PFC has also started funding projects in infrastructure and logistics space.

DPE’s MoU performance evaluation system is used for setting annual targets for the CPSEs on various financial and operational parameters, and the CPSE’s overall performance is rated against such MoU targets. PFC has been awarded the highest rating of “Excellent” during the last two years (i.e. FY 2020-21 & FY 2021-22), and the rating for FY 2022-23 is expected to be released soon.

PFC is the largest Maharatna CPSE and largest NBFC in India on a consolidated basis.PFC also leads India’s energy transition, having the largest renewable loan portfolio.

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The issue was oversubscribed 5.65 times garnering Rs 2,824.48 crore. The NCD has a face value of Rs. 1,000 each. The base issue size is Rs. 500 crores with a green shoe option of up to Rs. 4,500 crore, aggregating up to Rs. 5,000 crore (“Tranche I Issue”), which is within the shelf limit of Rs. 10,000 crore (“Issue”).

Issue opened on Friday, July 21, 2023 and was scheduled to close on Friday, July 28, 2023. The issue was early closed on July 26, 2023 by exercising option of early closure. The HNI Category was the most subscribed with 8.99 times, followed by Non-Institutional Category with 3.58 times. Institutional Category was subscribed 2.50 times, whereas, Retail Category was subscribed 2.09 times.

On the occasion, Parminder Chopra, Director (Finance) and Additional Charge CMD  said “I am delighted to share that PFC’s 2nd public issue of taxable bonds was a resounding success. It is truly encouraging to see that more than 80% of retail investors from all corners of India have participated in this Bond issue. This overwhelming participation is a testament to the continued trust our investors have placed in PFC’s vision and robust fundamental. PFC remains committed to its vision and is well-positioned to drive the growth of the power sector.”

The HNI category collected Rs 1,797.61 Crore, while Retail, Non-Institutional, and Institutional and category garnered Rs 418.48 crore, Rs 358.14 crore and Rs 250.25 crore respectively.

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