New Delhi: Power Finance Corporation Ltd (PFC) has filed its Tranche I prospectus dated January 9, 2026, for a public issue of secured, rated, listed, redeemable non-convertible debentures (NCDs).
The base issue size is Rs 500 crore, with a green shoe option of up to Rs 4,500 crore, taking the total issue size to Rs 5,000 crore under its Rs 10,000 crore shelf limit.
The Tranche I issue opens on January 16, 2026, and closes on January 30, 2026, with provisions for early closure or extension as per SEBI regulations. The NCDs, with a face value of Rs 1,000 each, except zero-coupon NCDs of Rs 1,00,000, will be listed on the NSE. They are rated CARE AAA (Stable), CRISIL AAA/Stable and ICRA AAA (Stable).
The minimum application is Rs 10,000, except for zero-coupon NCDs, where one NCD can be applied for. Tenures of 5, 10 and 15 years are offered, with annual coupon options and effective yields ranging from 6.85 per cent to 7.30 per cent.
At least 75 per cent of net proceeds will be used for lending, refinancing or debt servicing, while up to 25 per cent will go towards general corporate purposes. Proceeds from zero-coupon NCDs will be used solely for onward lending.
PFC reported consolidated revenue of Rs 57,429.28 crore and net profit of Rs 16,815.84 crore for the six months ended September 2025, while FY25 revenue stood at Rs 1.06 lakh crore with a net profit of Rs 30,514.40 crore.