PFC raises $1 billion from global market

New Delhi: Power Finance Corporation (PFC), a state-run NBFC, said Wednesday it has raised USD 1 billion (around 6,940 crore) through issuance of bonds in the international market.

This was Power Finance Corporation's first issuance in the international market after acquiring the government's shareholding in REC, the company said in a BSE filing.

The issuance attracted a strong and diversified order book indicating investor's confidence towards PFC's differentiated credit despite volatile market conditions and concerns over Indian NBFI sector, it mentioned.

Power Finance Corporation finances power sector projects and its main source of revenue is interest income on loans. "PFC, a government owned NBFC, has successfully tapped international market and raised USD 1 billion through Reg-S bonds in one go," the company said in the filing.

In March 2019, PFC completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government.