PTC Finance Services to raise Rs 580 crore via NCDs backed by SBI

PTC Financial Services (PFS) is planning to raise Rs 580 crore through the non-convertible debentures (NCD) route. 

The fundraising will be backed by a credit enhancement (CE) worth Rs 116 crore from the country’s largest lender State Bank of India (SBI). Rating agency Brickwork has assigned ‘Provisional AA+ (CE)’ with stable outlook to PFS. Ratings for the proposed NCDs of 10 years will be issued by PTC India Financial Services.  The rating assignment takes into account the strong financial and credit risk profile of the issuer and partial credit enhancement by SBI. PFS, financier in the power sector, is a strategically