Let’s have a detailed review of the company and analytics of the Power Finance Corporation NCD release date, PFCL NCD issue size, subscription, Power Finance Corporation NCD allotment and other details like the company’s background, its financial positions, its promoters and other related things.
Power Finance Corporation NCD – September 2019 Detail
|Credit Rating||CARE AAA/Stable, CRISIL AAA/Stable, ICRA AAA/Stable|
|Issue Size (Base)||Rs [.] Crores|
|Issue Size (Shelf)||Rs [.] Crores|
|Issue Price||Rs 1000 per NCD|
|Face Value||Rs 1000 each NCD|
|Minimum Lot size||10 NCD|
|Market Lot||1 NCD|
|Listing At||BSE, NSE|
|Basis of Allotment||First Come First Serve Basis|
Power Finance Corporation NCD – Basis of the Offer Price
|Security Name||Power Finance Corporation NCD|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)|
|Coupon payment frequency||NA|
|Depository||NSDL and CDSL|
|Disbursement||SEBI Debt Regulations|
|Debenture Trustee||BEACON TRUSTEESHIP LIMITED|
Power Finance Corporation NCD Dates
The opening and the closing date of Power Finance Corporation or PFCL NCD is NA.
Power Finance Corporation NCD Subscription
|Day / Date||QIB Category 1||NII Category 2||HNI Category 3||RII Category 4||Total Subscription|
|1st – 10th Day: till|
|10th – 20th Day: till|
|20th – 30th Day: till|
|Shares Offered or Net Issue|
The shares subscribed by the public will be updated here.
Power Finance Corporation NCD Allotment Status
Here, you can find the Allotment Status of this NCD.
Power Finance Corporation Limited NCD Share Offering
Issue of 5,22,000 Equity Shares of face value of Rs.10/- each for cash at a price of Rs. [ ] per Equity Share (including a share premium of Rs.[ ] per Equity share) aggregating Rs. [ ] lakhs.
Power Finance Corporation Limited NCD Allocation Ratio
|NCD Allocation Ratio|
|QIB – Category 1||0%|
|NII – Category 2||0%|
|HNI – Category 3||0%|
|RII – Category 4||0%|
Power Finance Corporation NCD Offered
|QIB – Category 1||NA|
|NII – Category 2||NA|
|HNI – Category 3||NA|
|RII – Category 4||NA|
Power Finance Corporation NCD Coupon Rates
|Put and call
|Rs. 10,000 (10 NCDs) collectively across all Series and in multiples of Rs.1,000 (1 NCD) thereafter across all Series|
|Face Value||Rs. 1,000 (1 NCD)|
|Mode of Payment||Through various options available|
Power Finance Corporation NCD Issue Object
These are the NCD Issue Objects of the company
- For the purpose of onward lending, financing / refinancing the existing indebtedness of the Company, and/or debt servicing (payment of interest and/or repayment / prepayment of interest and principal of existing borrowings of the Company); and;
- General corporate purposes.
Power Finance Corporation Limited – Company Overview
Power Finance Corporation Limited (“Company” or “PFC”) was incorporated on July 16, 1986 under the Companies Act, 1956 as a public limited company, registered with the Registrar of Companies, National Territory of Delhi and Haryana (“RoC”), and received the certificate for commencement of business on December 31, 1987.
The Company plays a strategic role in the initiatives of the GoI for the development of the power sector in India and works with GoI agencies, state governments, power sector utilities, other power sector intermediaries and private sector clients for the development and implementation of policies and for structural and procedural reforms in the power sector in India. In addition, the Company is involved in various GoI programs relating to the power sector, including acting as the nodal agency for the UMPP program and the IPDS/R-APDRP (now subsumed under the IPDS).
The Company provides a comprehensive range of financial products and other services to the clients in the power sector, including:
- services ranging from project conceptualization to the post-commissioning stage, including generation (conventional and renewable), transmission and distribution projects, and related renovation and modernization projects;
- various forms of fund-based assistance, including long-term project finance, short-term loans, buyers’ lines of credit, underwriting of debt and debt refinancing schemes; and
- various forms of non-fund based assistance including default payment guarantees, credit enhancement guarantees and letters of comfort.
The primary sources of funds include equity capital, internal resources, and domestic and foreign currency borrowings. Domestic credit rating agencies have given the Company the following ratings, in relation to the borrowing programmes –
- CRISIL (a subsidiary of S&P) has granted them (a)“CRISIL AAA/Stable” rating in relation to the long term borrowing programme, for a limit of ₹ 56,000 crore, and (b)“CRISIL A1+” rating in relation to the short term borrowing programme, for a limit of ₹ 25,000 crore,
- ICRA has granted them (a) “[ICRA]AAA(Stable)” rating in relation to the long term borrowing programme, for a limit of ₹ 56,000 crore, and (b) “[ICRA]A1+” rating for the short term borrowing programme, for a limit of ₹ 25,000 crore, and
- CARE has granted them (a) “CARE AAA; Stable” rating in relation to the long term borrowing programme, for a limit of ₹ 56,000 crore, and (b) “CARE A1+” rating in relation to the short term borrowing programme, for a limit of ₹ 7,000 crore. International credit rating agencies Moody’s, Fitch and Standard & Poor’s (S&P) have granted the Company, the following ratings – (i) Moody’s has granted them an issuer rating of “Baa3”, (ii) Fitch has granted them long-term issuer default rating of “BBB-/ Stable” and (iii) Standard & Poor’s (S&P) has granted long-term issuer credit rating “BBB-/ Stable”.
Power Finance Corporation NCD Lead Managers
|TRUST INVESTMENT ADVISORS PRIVATE LIMITED
A. K. CAPITAL SERVICES LIMITED
EDELWEISS FINANCIAL SERVICES LIMITED
ICICI BANK LIMITED
JM FINANCIAL LIMITED
SBI CAPITAL MARKETS LIMITED
Power Finance Corporation NCD Debenture Trustee
|BEACON TRUSTEESHIP LIMITED
4 C&D, Siddhivinayak Chambers, opp. MIG Cricket Club
Bandra (East), Mumbai 400 051
Telephone: +91 22 2655 8759
Email: [email protected]
Investor Grievance Email: [email protected]
Contact Person: Ms. Vaishali Urkude
SEBI Registration No.: IND000000569
Power Finance Corporation NCD Registrar to offer
|Registrar to the Offer|
|KARVY FINTECH PRIVATE LIMITED
(FORMERLY KNOWN AS KCPL ADVISORY SERVICES
Power Finance Corporation NCD Ratings
The NCDs proposed to be issued under the Issue have been rated ‘CARE AAA; Stable’ by CARE Ratings Limited (“CARE”); ‘CRISIL AAA / Stable’ by CRISIL Limited (“CRISIL”); and ‘[ICRA]AAA(Stable)’ by ICRA Limited (“ICRA”), for an amount of up to Rs. 56,000 crore vide their letters dated September 17, 2019, September 16, 2019, and September 13, 2019, respectively.
Instruments with these ratings are considered to have the highest degree of safety regarding timely servicing of financial obligations and such instruments carry lowest credit risk. The ratings provided by CARE, ICRA and CRISIL may be suspended, withdrawn or revised at any time by the assigning rating agency and should be evaluated independently of any other rating. These ratings are not a recommendation to buy, sell or hold the NCDs and investors should take their own decisions.
Power Finance Corporation NCD News
News 1 – Download DRHP Prospectus
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