PFC issues 300 million euro bonds for 7-year period in European market

State-owned PFC on Thursday said it has issued bonds worth 300 million euros for a period of seven years.

In a statement, Power Finance Corporation Ltd (PFC) said the issuance which took place on Monday saw a strong participation from institutional investors across Asia and Europe with a participation from across 82 accounts and was oversubscribed 2.65 times

"PFC successfully issued its maiden 300 million euros 7 year euro bond issuance on 13.09.2021. The pricing of 1.841 per cent achieved is the lowest yield locked in by an Indian issuer in the euro markets," the statement said.

It is the first ever euro issuance by an Indian NBFC and the first euro bond issuance from India since 2017, PFC said.

PFC Chairman and Managing Director (CMD) R S Dhillon said that the overwhelming response to the issuance reflects international investor's confidence in PFC.

PFC Director (Finance) Parminder Chopra said "PFC has successfully forayed into the European market for its international raising and has concluded the inaugural Euro Bond issuance at attractive terms and pricing."

PFC, under the administrative control of the Ministry of Power, is the largest non-banking financial corporation (NBFC) in power sector in India.