PFC

Power Finance Corporation Limited (PFC), a Government of India undertaking, has announced a public issue of secured, rated, listed, redeemable, non-convertible debentures (NCDs) with a face value of ₹1,000 each (₹1,00,000 for Zero Coupon NCDs). The issue size is ₹500 crores, with an option to retain oversubscription up to ₹4,500 crores, aggregating to ₹5,000 crores, within a shelf limit of ₹10,000 crores. The Tranche I Issue will open on January 16, 2026, and close on January 30, 2026, with NCDs listed on the National Stock Exchange of India. The NCDs have tenors ranging from 5 to 15 years, offering annual, cumulative, or zero-coupon interest payments, depending on the series. The issue is secured by a first pari-passu charge on book debts/receivables, ensuring a security cover of at least 100% of the outstanding principal and interest. Redemption amounts and effective yields vary by category and series, with detailed terms outlined in the Shelf and Tranche I Prospectus.