Power Finance advances after raising funds from international market

Power Finance Corporation gained 1.22% to Rs 120.70 at 10:40 IST on BSE after the company said that it has successfully closed the deal for issuance of $400 million green senior unsecured notes offering.

The announcement was made after market hours yesterday, 7 December 2017.

Meanwhile, the S&P BSE Sensex was up 225.21 points or 0.68% at 33,173.46.

On the BSE, 91,832 shares were traded in the counter so far as against average daily volume of 5.15 lakh shares in the past one quarter. The stock had hit a high of Rs 120.90 and a low of Rs 120 so far during the day. The stock had hit a 52-week high of Rs 169 on 11 April 2017. The stock had hit a 52-week low of Rs 113.10 on 27 December 2016.

 

The stock had underperformed the market over the past one month till 7 December 2017, falling 12.57% compared with the Sensex's 1.26% drop. The stock had also underperformed the market over the past one quarter, dropping 3.48% as against the Sensex's 4.06% rise. The scrip had also underperformed the market over the past one year, declining 7.63% as against the Sensex's 25.58% rise.

The large-cap company has equity capital of Rs 2640.08 crore. Face value per share is Rs 10.

Power Finance Corporation (PFC) said that the company has successfully closed the deal for issuance of $400 million green senior unsecured notes offering at a fixed rate coupon of 3.75% from the international debt capital markets under Regulation S of the US Securities Act of 1933 (as amended) on 6 December 2017 and completed the formalities for listing at Singapore Exchange (SGX-ST) and international securities market segment of the London stock exchange.

PFC's net profit rose 0.7% to Rs 1886.59 crore on 1.6% rise in total income to Rs 7108.57 crore in Q2 September 2017 over Q2 September 2016.

State-run PFC's main business is to provide finance to the power sector. Government of India (GoI) holds 66.35% stake in PFC (as per the shareholding pattern as on 30 September 2017).

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