PFC seeks shareholders approval to raise Rs 65,000 Cr

Power Finance Corporation (PFC) will seek its shareholders approval to raise Rs 65,000 crore through issuance of debt securities on private placement basis in India or abroad at its annual general meeting on September 11, 2018.

The proposal to raise funds up to Rs 65,000 crore through issue of Bonds/Debentures/notes/debt securities on Private Placement basis in India and/or outside India is listed on the agenda of AGM on September 11, 2018, a BSE filing said.

According to statement, the shareholders will also consider proposal of scheme of arrangement for Amalgamation of PFC Green Energy Limited (Transferor Company) with Power Finance Corporation Limited (Transferee Company) and their respective shareholders and creditors.

In a separate filing, the company said that it launched an issue notes of USD 300 million on August 2, 2018. The Notes carry a coupon of 5.25 per annum payable semi-annually, in arrears. The Notes will mature on August 10, 2028 and all rupee principal and interest payments will be made in U.S. Dollars.

The Notes represent direct, unconditional and unsecured obligations of the Issuer and will rank pari passu among themselves and all other unsecured obligations of the Issuer. The Notes will be listed on the London Stock Exchange's International Securities Market and the Singapore Exchange Securities Trading Limited, it added.

The net proceeds from each issue of Notes will be applied by the Issuer for general corporate purposes.