The Public Issue of secured, redeemable non-convertible debentures by Power Finance Corporation Limited, listed on the BSE.
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.
