PFC Tax Free Issue

 

Credit ratings:            "[ICRA] AAA" by ICRA, "CRISIL AAA/ Stable" by CRISIL, "CARE AAA" by CARE

 

Issue Opening Date:  05^th October 2015

Issue Closing Date:     09^th October 2015

 

Allotment on 1st come 1st serve Basis

 

Issue Size: 700 Crores

 

PFC (5/10/15)	CAT - I	CAT - II	CAT - IIII	CAT - IV
Category	QIB	Corporate	HNI	RETAIL
Bucket Size	70 cr	175 cr	175 cr	280 cr
10 yrs	7.11%	7.11%	7.11%	7.36%
15 yrs	7.27%	7.27%	7.27%	7.52%
20 yrs	7.35%	7.35%	7.35%	7.60%

 

Issue Structure

 

Issuer	Power Finance Corporation Limited.
Type of instrument	Tax free bonds of face value of  Rs 1000 each, in the nature of secured, redeemable, non-convertible debentures, having benefits under section 10(15)(iv)(h) of the Income Tax Act,
Nature of the instrument	Bonds in the nature of secured, redeemable, non-convertible debentures
Nature of Indebtedness and ranking/seniority	The claims of the Bondholders shall be superior to the claims of any unsecured creditors of the Company and subject to applicable statutory and/or regulatory requirements, rank pari passu inter se to the claims of other secured creditors of the Company having the same security.
Mode of the issue	Public issue.
Interest rate	See the section titled "Terms of the Issue – Payment of Interest on Bonds" of the Tranche I Prospectus
Step   up/   Step   down interest rates	See the section titled "Terms of the Issue - Interest" of the Tranche I Prospectus.
Interest type	Fixed.
Frequency   of   interest payment	Annual.
Day count basis	Actual/ actual.
Interest on  application money	See the section titled "Terms of the Issue – Interest on Application Amounts" of the Tranche I Prospectus
Default interest rate	As specified in Debenture Trust Deed.
Tenor	10 years, 15 years and 20 years from the Deemed Date of Allotment as set out in the Tranche I Prospectus.
Redemption Date	10 years, 15 years and 20 years from the Deemed Date of Allotment as set out in the Tranche I Prospectus.
Redemption Amount	Amount repayable on the Bonds, comprising the face value of the Bonds, together with coupon/interest accrued at the applicable coupon/interest rate for each Series of Bonds on the respective Redemption Dates or Maturity Dates.
Issue Price (in Rs.)	Rs 1,000 per Bond.
Discount at which security  is  issued  and the effective yield as a result of such discount.	Not applicable.
Put /Call	Not applicable.
Face value	Rs 1,000 per Bond.
Minimum    application size	5 Bonds (Rs.5,000) (individually or collectively, across all Series of Bonds) and in the multiple of One Bond (Rs1,000) thereafter.
Market   Lot/   Trading Lot	One Bond.
Pay-in date	Application Date. The entire Application Amount is payable on Application. See the section titled "Issue Procedure – Payment Instructions" of the Tranche I Prospectus.
Credit ratings	"[ICRA] AAA" by ICRA, "CRISIL AAA/ Stable" by CRISIL, "CARE AAA" by CARE
Listing	BSE.
Issue size	Rs.100 crores with an option to retain oversubscription upto Rs. 600 crores aggregating to total of up to Rs. 700 crores.
Option to retain oversubscription	Upto Rs.600 crores for issuance of additional Bonds aggregating to total of upto  Rs.700 crores.
Debenture Trustee	Milestone Trusteeship Services Private Limited.
Depositaries	NSDL and CDSL.
Registrar	Bigshare Services Private Limited
Security Cover	At least 100% of the outstanding Bonds at any point of time, alongwith interest thereon.
Trading	In dematerialised form only.
Issue opening date	October 5, 2015.
Issue closing date	October 9, 2015 **The Tranche I Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. during the period indicated above, except that the Tranche I Issue may close on such earlier date or extended date as may be decided by the Board or a duly constituted committee thereof. In the event of an early closure or extension of the Tranche I Issue, the Company shall ensure that notice of the same is provided to the prospective investors through an advertisement in a reputed daily national newspaper on or before such earlier or extended date of Issue closure. On the Tranche I Issue Closing Date Application Forms will be accepted only between 10 a.m. and 3 p.m. (Indian Standard Time) and uploaded until 5p.m. or such extended time as may be permitted by the BSE
Deemed date of Allotment	The date on which the Board of Directors/or any committee thereof approves the Allotment of the Bonds for Tranche I Issue or such date as may be determined by the Board of Directors/ or any committee thereof and notified to the Designated Stock Exchange. The actual Allotment of Bonds may take place on a date other than the Deemed Date of Allotment. All benefits relating to the Bonds including interest on Bonds shall be available to the Bondholders from the Deemed Date of Allotment
Lead Managers	A.K. Capital Services Limited, Edelweiss Financial Services Ltd, RR Investor Capital Services Pvt. Ltd, Karvy Investor Services Ltd.

 

In terms of Regulation 4(2)(d) of the Debt Regulations, the company will undertake this public issue of the Bonds in dematerialised form. However, in terms of section 8(1) of the Depositories Act, the Company, at the request of the Investors who wish to hold the Bonds in physical form will fulfill such request. However, trading in Bonds shall be compulsorily in dematerialized form.

 

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