Power Finance gets RBI nod for $1 bn overseas issue

State-run Power Finance Corp (PFC) has received the RBI’s approval to raise $1 billion via offshore medium-term note borrowing, which will mark its debut in the international bond market, a company source with knowledge of the deal told Reuters.

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The company, which expects to set up an Euro Medium Term Note (EMTN) programme in the next 6-8 weeks, said it will appoint bankers for the offering by end-September, the source said.

The borrowing will be utilised for funding the power projects, including ultra mega power projects, financed by the company, the source added.

Reuters