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Power Finance Corporation raises $300 million loan from overseas

   July 2, 2019        259        PTI

India’s State-owned Power Finance Corporation said it has raised USD 300 million (Rs 2,070 crore) loan from overseas.

The loan has been jointly approved by State Bank of India, Hong Kong and MUFG Bank Ltd, Singapore. This is PFC‘s second foreign currency borrowing in the current fiscal, a PFC statement said.

Earlier, PFC raised USD 1 billion through issuance of Reg-S bonds. This was the biggest bond issuance overseas by a government-owned non banking finance company.

By concluding the USD 300 million deal PFC has already mobilised USD 1.3 billion, indicating investor’s confidence in the company post acquisition of government shareholding of 52.63 per cent in REC.