Power Finance Corp to issue foreign currency bonds of $1 bn

Power Finance Corporation said on Monday that it will raise external commercial borrowings (ECBs) worth $1 billion.

Barclays Bank PLC, Standard Chartered Bank and SBICAPS (Singapore) Limited are arrangers for the issue. ...for the purpose of raising external commercial borrowing up to $1 billion, the Company has mandated Barclays Bank PLC, Standard Chartered Bank and SBICAPS (Singapore) Limited to organise meetings with proposed investors in relation to issue of the Notes, the company said in a BSE filing.

The proceeds of the Notes, if and when issued, will be utilised for on-lending to the company's borrowers in the power sector in rupee and/or foreign currency, it added. PFC shares closed 1.08 per cent up at Rs 261.90 apiece on BSE.