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PFC Tax Free bond issue opens today

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STATE-RUN Power Finance (PFC) plans to raise Rs 100 crore through taxfree bonds issue that begins on Monday.

The proposed issue is part of its plan to garner Rs 5,000 crore by way of issuing tax-free securities in the current financial year (2012-13). Out of the total target, Rs 1,110 crore has already been raised.

PFC to raise Rs 100 crore through this issue with an option to retain over-subscription up to the residual shelf limit (Rs 3,890.25 crore) prior to March 31, according to information available with the market regulator Sebi.

The company is also considering the raising of funds via private placements of the bonds in one or more tranches during the process of the present issue, within the residual shelf limit, at its discretion, it added.

The issue would open on Monday and close on March 15.

The funds would be utilised towards lending purposes, debt servicing and working capital requirements, PFC said.

The bond issue would be for a period of 10-15 years offering an interest rate between 6.88 per cent and 7.54 per cent. The bonds are proposed to be listed on the Bombay Stock Exchange.

ICICI Securities, AK Capital Services, Axis Capital, Kotak Mahindra Capital Company, SBI Capital Markets are acting as lead managers to the issue.

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