Credit ratings: "[ICRA] AAA" by ICRA, "CRISIL AAA/ Stable" by CRISIL, "CARE AAA" by CARE
Issue Opening Date: 05th October 2015
Issue Closing Date: 09th 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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