Power Finance Corp. plans to sell bonds worth $1.4 billion
By MYBRANDBOOK
Power Finance Corp., India’s major lender to the power sector, is planning to sell bonds to individual investors as it tries to attract savers dissatisfied with deposit rates at a 16-year low.
According to Parminder Chopra, Director (finance), it has filed a draft prospectus for Rs 100 billion offering ($1.4 billion) and plans to raise the entire sum this quarter.
“We want to explore an alternative source of funds,” Chopra said. “Fixed deposit rates are quite low, so there could be interest from the public to get a bit better rate.”
Chopra also said that earlier Power Finance sold notes to retail investors, but those were tax-free infrastructure bonds. This offering would be the company’s maiden taxable issuance to individual buyers.
The company has hired Trust Investment Advisors, A.K. Capital Services, Edelweiss Financial Services and JM Financial Services as lead managers for the offering. As per draft prospectus, it plans to issue the AAA rated notes in one or more tranches.
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