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PFC seeks shareholders approval to raise Rs 65,000 Cr

Press Trust of India  |  New Delhi 

Power Corporation (PFC) will seek its shareholders approval to raise Rs 65,000 crore through issuance of debt securities on private placement basis in 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 and/or outside 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 (Transferor Company) with Power 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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 09 2018. 22:00 IST
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