Power Finance Corporation Limited NCD

Issuer   Power Finance Corporation Limited 
Instrument   Secured, Rated, Listed Redeemable Non-Convertible Debentures  
Issuance Schedule*  The Tranche-I issue shall be open from Friday, 21st July 2023 to Friday, 28th July 2023 
Tranche-I Issue Size   Base Issue size of ₹ 500 Crore with a Green Shoe option of up to ₹ 4,500 Crore aggregating up to ₹ 5,000 Crore being the Tranche-I Issue size.   
Face Value  ₹ 1,000/- 
Minimum Application Size   ₹ 10,000/- (10 NCDs) and in multiples of ₹ 1,000/-(1 NCD) thereafter. 
Credit Rating   ‘AAA; Stable’ by CARE Ratings, ‘AAA/Stable’ by CRISIL Ltd and ‘AAA (Stable)’ by ICRA Ltd 
Issuance and Trading of NCDs  In dematerialised form. 
Allotment  First Come First Serve Basis 

 

 

 

ISSUE STRUCTURE – BUCKET DETAILS      
Category  I – Institutional (“QIB”)  II – Non-Institutional (“Corporates”)   II – High Networth Individual (“HNI”) (Amount aggregating to above · 10 lakh)  II – Retail Individual (“Retail”) (Amount aggregating up to and including · 10 lakh) 
Category Allocation  10% of the overall Issue Size.   10% of the overall Issue Size.  40% of the overall Issue Size.  40% of the overall Issue Size. 
Bucket Size (·) assuming Issue size of · 5,000 Cr  · 500 Cr  · 500 Cr  · 2,000 Cr  · 2,000 Cr 

 

 

 

 

ISSUE STRUCTURE     
Nature of NCDs   Secured, Rated, Listed, Redeemable Non-Convertible Debentures  
Who can Apply   All categories of investors (Category I, II, III and IV) 
Option/Series    I  II  III 
Interest Frequency    Annual  Annual  Annual 
Tenor    3 Years  10 Years  15 Years 
Base Coupon Rate (% p.a.) for:   
For Category I and II    7.45% 7.47% 7.50%
For Category III and IV    7.50% 7.53% 7.55%
Effective Yield (% p.a.) for:    
For Category I and II    7.44% 7.46% 7.49%
For Category III and IV    7.49% 7.52% 7.54%
Amount (₹ / NCD) on Maturity for ^: 
For all Categories    ₹ 1,000/-  ₹ 1,000/-  ₹ 1,000/- 
^ Subject to applicable tax deducted at source, if any.   
The company shall allocate and allot Series II NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series 
     
Interest payment Date   Annual Option: The relevant interest will be paid on each anniversary of the Deemed Date of Allotment on the face value of the NCDs. The last interest payment under annual Series will be made at the time of redemption of the NCDs.  
Note: please note that in case the NCDs are transferred and/or transmitted in accordance with the provisions of this Prospectus read with the provisions of the Articles of Association of the company, the transferee of such NCDs or the deceased holder of NCDs, as the case may be, shall be entitled to any interest which may have accrued on the NCDs.  
Note: SEBI Operational Circular stipulates the time between closure of the Tranche-I Issue and listing at 6 working Days. In order to enable compliance with the above timelines, investors are advised to use ASBA facility only to make payment. 
     
Please note that all Applicants are required to pay the full Application Amount or ensure that the ASBA Account has sufficient credit balance such that the entire Application Amount can be blocked by the SCSB while making an Application. 
     
Further in terms of the SEBI Operational Circular Retail Individual Investors should note that they may use the UPI mechanism to block funds for application value up to UPI Application Limit (to participate in the public issue for an amount up to ₹ 5 Lakh for issue of debt securities pursuant to SEBI circular SEBI/HO/DDHS/P/CIR/2022/0028 dated March 8, 2022, or any other investment limit, as applicable and prescribed by SEBI from time to time) submitted through the app/web interface of the Stock Exchanges or through intermediaries (Syndicate Members, Registered Stockbrokers, Registrar and Transfer agent and Depository Participants).  

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