PFC

March 30 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - SOUTH KALAMB POWER TRANSMISSION TRANSFERRED TO ADANI ENERGY FOR 125.3 MILLION RUPEES

Source text: ID:nNSE8sJsny

Further company coverage: PWFC.NS

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March 17 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• TO RAISE RESOURCES FOR FY2026-27 THROUGH BONDS, TERM LOANS, COMMERCIAL PAPER

• DECLARES FOURTH INTERIM DIVIDEND OF 3.25 RUPEES PER SHARE FOR FY2025-26

• COMPANY MAY BORROW UPTO 1.6 TRLN RUPEES IN FY 2026-27

Source text: ID:nBSEc87xlw

Further company coverage: PWFC.NS

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March 11 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - TO CONSIDER MARKET BORROWING PROGRAM FOR THE FINANCIAL YEAR 2026-2027

Further company coverage: PWFC.NS

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MUMBAI, Feb 27 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 60 billion rupees ($659.8 million) for bonds maturing in two years and in 10 years, three merchant bankers said on Friday.

The company will pay an annual coupon of 6.96% and 7.31%, respectively, and had invited coupon and commitment bids from bankers and investors for the issues on Friday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 27:

*Size includes base plus greenshoe for some issues

($1 = 90.9410 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.dhutia@tr.com))

MUMBAI, Feb 25 (Reuters) - India's Power Finance Corp PWFC.NS plans to raise 60 billion rupees ($659.83 million), including a greenshoe option of 50 billion rupees through sale of bonds maturing in two years and in 10 years, three merchant bankers said on Wednesday.

The company has invited coupon and commitment bids from bankers and investors for the issues on Friday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 25:

*Size includes base plus greenshoe for some issues

($1 = 90.9330 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

Feb 17 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• FITCH: AFFIRMS POWER FINANCE CORPORATION AND REC LIMITED AT 'BBB-'/STABLE ON MERGER PLAN

Source text: [ID:]

Further company coverage: PWFC.NS

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MUMBAI, Feb 12 (Reuters) - India's Power Finance Corporation PWFC.NS (PFC) accepted bids worth 40 billion rupees ($441.76 million) for bonds maturing in two years and in five years, three merchant bankers said on Thursday.

The company will pay a coupon of 6.92% and 7.24% respectively and had invited commitment bids from bankers and investors for the issues earlier in the day, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 12:

*Size includes base plus greenshoe for some issues

($1 = 90.5475 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

((Khushi.malhotra@tr.com, Dharamraj.dhutia@tr.com))

By Dharamraj Dhutia

MUMBAI, Feb 11 (Reuters) - Indian state-run firms plan to raise 175 billion rupees ($1.93 billion) through bonds this week amid expectations that borrowing costs will rise further closer to the fiscal year end.

With sizable supply lined up, investors say the success of the bond sales will hinge on the firms' willingness to accept lower prices.

Corporate bonds have slipped in tandem with government notes, making fundraising expensive for firms and squeezing their margins.

Top-rated state-owned firms, including National Bank for Financing Infrastructure and Development (NaBFID), Housing and Urban Development Corp (HUDCO) HUDC.NS, Small Industries Development Bank of India (SIDBI) and Power Finance Corp, PWFC.NS will issue bonds this week, merchant bankers said.

"The pickup in issuance suggests companies have stopped waiting for borrowing costs to decline and have accepted that yields are unlikely to soften materially in the near term. They are choosing to access the market despite the high rates," said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincap.

The companies did not respond to emails seeking comment.

While NaBFID plans to issue 10-year bonds, HUDCO will issue perpetual bonds with a 10-year call option. SIDBI and PFC will issue notes with maturities of up to five years.

SIDBI and PFC withdrew their shorter-duration bond sales in December after investors sought higher yields. PFC’s issue will be closely watched following a proposed merger with REC.

"While interest exists for such issues, the key determinant will be the pricing," said Nikhil Aggarwal, founder & group CEO at Grip Invest, an online bond trading platform.

He noted that PFC's December bond sale was pulled over pricing. With interest rates on hold and the yield curve moving up, investors may demand higher yields.

Bond yields move inversely to prices.

LSEG benchmark 'AAA'-rated corporate bond yields are higher compared to the end of December, though they have retreated from recent highs hit immediately after India's federal budget earlier this month.

Investors expect the central bank to hold rates, and alongside higher government borrowing, rising inflation expectations and liquidity uncertainty, that is reinforcing a "higher-for-longer" rate view, Srinivasan said.

($1 = 90.5480 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, Feb 10 (Reuters) - India's Power Finance Corporation PWFC.NS (PFC) plans to raise 40 billion rupees ($441.84 million), including a greenshoe option of 30 billion rupees, selling bonds maturing in two years and in five years, three merchant bankers said on Tuesday.

The company has invited coupon and commitment bids from bankers and investors for the issues on Thursday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on February 10:

* Size includes base plus greenshoe for some issues

($1 = 90.5310 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Nivedita Bhattacharjee)

((Dharamraj.dhutia@tr.com, Khushi.malhotra@tr.com))

** UBS says merger proposal of Indian power financiers PFC PWFC.NS and REC RECM.NS positive, but awaits more clarity on process

** Brokerage estimates for every 9 shares of REC, 8 shares of PFC would be offered; government stake could fall to 42% vs 56% in PFC

** Believes post merger, entity could see better margins and pricing power given larger overlap in customer base - UBS

** Adds, given that PFC, REC depend on implicit government support for cost of funds, continued support will be critical

** PFC and REC trim initial losses; last down 0.4% and 2.8%, respectively

** YTD, PFC up ~18%, REC up 1.7%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Updates with more details, background throughout

Feb 6 (Reuters) - India's Power Finance Corporation PWFC.NS said on Friday its board had approved an in-principle merger with REC RECM.NS, a move that will create a large power financier in Asia's third-largest economy.

Finance Minister Nirmala Sitharaman on Sunday announced the restructuring of the two companies during her budget address. The merger comes at a time when India's clean energy ambitions are growing.

As of December-end, PFC had a loan book of 11.51 trillion rupees ($127 billion) while REC had a loan book of 5.82 trillion rupees.

PFC owns a 52.63% stake in REC, which the government held before 2018. New Delhi had a 56% stake in PFC as of December-end, exchange data showed.

For the nine months to December, more than three-fourths of PFC's loans were for conventional power generation, as well as transmission and distribution sectors.

PFC shares ended 1% higher on Friday, valuing the company at 1.38 trillion rupees. REC closed 2.5% down, valuing it at 981.14 billion rupees.

Since the budget on Sunday, PFC's stock has gained 5.8% while REC's has climbed 2.3%.

($1 = 90.6430 Indian rupees)

(Reporting by Hritam Mukherjee and Nandan Mandayam in Bengaluru; Editing by Shreya Biswas)

((mailto: hritam.mukherjee@thomsonreuters.com; @MukherjeeHritam;))

Feb 5 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE DEC-QUARTER CONSOL NET PROFIT 62.92 BILLION RUPEES

• POWER FINANCE DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 290.95 BILLION RUPEES

• POWER FINANCE- DIVIDEND OF 4 RUPEES PER SHARE

Further company coverage: PWFC.NS

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Feb 3 (Reuters) - REC Limited RECM.NS:

• CLARIFIES ON REPORT "GOVERNMENT CONSIDERING MERGER OF STATE-RUN ENTITIES PFC AND REC"

• COMPANY IS NOT ENGAGED IN ANY SUCH DISCUSSIONS OR NEGOTIATIONS

Source text: ID:nBSE1rKKRv

Further company coverage: RECM.NS

((Reuters.Briefs@thomsonreuters.com;;))

Corrects headline and second bullet point to say budget proposes restructuring of PFC and REC, not power finance sector

** Indian power finance stocks PFC and REC rise between 3.5% and 5%

** Indian Finance Minister Nirmala Sitharaman announced the restructuring of Power Finance Corporation PWFC.NS and Rural Electric Corporation RECM.NS in the fiscal 2027 budget

** REC Ltd shares up 3.6% and Power Finance Corp Ltd up 4.1%

(Reporting by Brijesh Patel in Bengaluru)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, Jan 12 (Reuters) - India's Power Finance Corp PWFC.NS (PFC) is set to launch the country's largest retail issue of bonds in nearly 8 years this week, as it targets to raise up to 50 billion rupees ($554.23 million), according to a term-sheet seen by Reuters.

The issue has a base size of 5 billion rupees and a greenshoe option of 45 billion rupees. If the company can raise the full quantum, it would be the largest public bond issue since May 2018, data from the market regulator, the Securities and Exchange Board of India, showed.

PFC will sell bonds maturing in 5 years, 10 years, 10 years and 1 month, and 15 years. The issue will open for subscription on Friday and close on January 30.

The company will offer an annual coupon of 6.85% to institutional investors and corporates for five-year bonds, and 7.00% and 7.05% for 10-year and 15-year tenors, respectively.

For high-net-worth individuals, the state-run firm would pay an additional 5 basis points, 10 bps, and 15 bps, and retail investors an annual coupon of 7.00%, 7.20%, and 7.30% for the five-year, 10-year, and 15-year paper, respectively.

PFC has also introduced a zero-coupon option for investors with a 10-year and 1-month maturity, offering a yield of 6.80% to institutional players and companies, 6.85% to HNIs, and 6.95% to retailers.

The fifth option offered by PFC is also a 15-year paper, with the option to make a direct payment at maturity. The yield for this note is 7.05% for the first two categories, and 7.20% and 7.30% for HNIs and retail investors, respectively.

This is PFC's first public bond issue in 30 months, and the notes are rated AAA by CRISIL, CARE, and ICRA.

AK Capital Services, Tip Sons Consultancy Services, Nuvama Wealth Management, and Trust Investment Advisors are the lead managers.

($1 = 90.2150 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Rashmi Aich)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, Sept 23 (Reuters) - India's Power Finance Corp PWFC.NS accepted bids worth 34.5 billion rupees ($388.62 million) for bonds maturing in two years and 20 days, three bankers said on Tuesday.

It will pay a coupon of 6.73% and had invited commitment bids earlier in the day, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 23:

*Size includes base plus greenshoe for some issues

($1 = 88.7750 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia;Editing by Nivedita Bhattacharjee)

((Khushi.malhotra@tr.com, Dharamraj.dhutia@tr.com))

MUMBAI, July 15 (Reuters) - India's Power Finance Corp PWFC.NS plans to raise 5 billion rupees ($230.5 million), which includes a greenshoe option of 4 billion rupees, through the sale of perpetual bonds, three bankers said on Tuesday.

It has invited coupon and commitment bids for the issue on Thursday, they said. The bonds will have a call option at the end of 10 years.

PFC did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 15:

*Size includes base plus greenshoe for some issues

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

((Dharamraj.dhutia@tr.com, Khushi.malhotra@tr.com))

MUMBAI, June 20 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 48.75 billion rupees ($563.1 million) for reissue of 6.27% July 2027 bonds and 6.64% July 2030 bonds, three bankers said on Friday.

The state-run company will offer yield of 6.6016% and 6.8483%, respectively, to investors and had invited coupon and commitment bids for the issues earlier in the day, they said.

PFC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 20:

*Size includes base plus greenshoe for some issues

($1 = 86.5740 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

MUMBAI, June 19 (Reuters) - India's Power Finance Corp PWFC.NS plans to raise 60 billion rupees ($693.32 million), which includes a greenshoe option of 50 billion rupees, through reissue of 6.27% July 2027 bonds and 6.64% July 2030 bonds, three bankers said on Thursday.

The state-run company has invited coupon and commitment bids for the issues on Friday, they said.

PFC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 19:

*Size includes base plus greenshoe for some issues

($1 = 86.5400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

((Dharamraj.dhutia@tr.com))

By Dharamraj Dhutia

MUMBAI, June 5 (Reuters) - India's Power Finance Corp (PFC) PWFC.NS is planning to raise funds through the sale of zero-coupon, deep-discount bonds for the second time in five weeks, but with a reduced size, merchant bankers said.

The state-owned non-banking financial firm aims to raise 20 billion rupees ($233 million), including a greenshoe option of 15 billion rupees, through bonds maturing in 10 years and one month and has invited bids from bankers and investors on June 9.

The company did not reply to a Reuters email seeking comment.

In April, PFC was forced to shelve its planned bond issue to raise 35 billion rupees, including a greenshoe option of 29 billion rupees, after weak investor appetite led to unattractive pricing.

The cutoff at the base size would have been 6.54%, while that for the full size would have worked out to 6.90%, merchant bankers had said.

Meanwhile, another state-run financial company, REC RECM.NS, received approval for a fundraise through deep-discount bonds for a second time in less than a year.

It has until March 2027 to raise up to 50 billion rupees ($581.7 million) through the sale of zero-coupon, deep-discount bonds (ZCB), with a tenor of 10 years and six months.

Deep-discount bonds, a rarely used corporate debt structure, are issued at a steep discount - often more than 20%-25% off face value - and don't pay regular interest, similar to zero-coupon notes, eliminating reinvestment risk.

Instead, investors get their returns on investment when the bonds are redeemed at face value at maturity.

REC had raised 50 billion rupees through ZCB at a yield of 6.25% in September 2024.

($1 = 85.8310 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sumana Nandy)

((Dharamraj.Dhutia@thomsonreuters.com;))

MUMBAI, May 15 (Reuters) - India's Power Finance Corp (PFC) PWFC.NS plans to raise 50 billion rupees (about $584 million), which includes a greenshoe option of 40 billion rupees, through the sale of bonds of two different tenors, three bankers said on Thursday.

The bonds mature in three years, one month and 23 days and in five years, one month and 23 days, the bankers said.

The state-run company has invited coupon and commitment bids for the issue on Wednesday, they said.

PFC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on May 16:

*Size includes base plus greenshoe for some issues

($1 = 85.6150 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Savio D'Souza)

((Khushi.malhotra@tr.com))

April 23 - ** Shares of state owned Power Finance Corp PWFC.NS down 2.78% to 426 rupees

** The non-banking lender says it loaned 3.52 billion rupees ($41 million) to Gensol Engineering GENO.NS in 2023 and has only received 450 million rupees as of April 18

** PWFC files complaint against Gensol with the economic offenses wing for falsifying documents

** India's markets regulator has taken a slew of actions against Gensol and its founders for allegedly defaulting on debt and diverting funds raised for business towards personal luxury purchases

** With session's decline, PWFC trims 12-month gain to 7%

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

April 22 (Reuters) - India's Power Finance Corp (PFC) PWFC.NS filed a complaint with the economic offences wing against Gensol Engineering GENO.NS over the alleged submission of falsified documents, it said on Tuesday.

PFC is also currently internally investigating the issue under its anti-fraud policy, it said.

India's markets regulator has barred Gensol founders Anmol Singh Jaggi and Puneet Singh Jaggi from holding key positions in the company after allegedly defaulting on debt it raised to finance electric vehicle purchases for their ride-hailing startup BluSmart Mobility.

Gensol's stock has cratered as it grapples with a slew of challenges and allegations, including falsifying financial documents, suspension of services by BluSmart and resignations of three independent directors.

PFC said it had lent 3.52 billion rupees ($41 million) to Gensol in 2023 for leasing 3,000 electric vehicles for BluSmart but has so far received only 450 million rupees as of April 18.

Gensol had previously denied defaulting on its debt.

($1 = 85.1630 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Anil D'Silva)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

March 27 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• TRANSFER OF KURNOOL III PS RE TRANSMISSION TO POWER GRID CORPORATION OF INDIA

• CONSIDERATION RECEIVED 190.4 MILLION RUPEES

Source text: ID:nBSEc9Rntn

Further company coverage: PWFC.NS

((Reuters.Briefs@thomsonreuters.com;))

March 21 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - PARMINDER CHOPRA ASSIGNED ADDITIONAL CHARGE AS CMD OF REC LIMITED

Source text: ID:nNSE5HRfn6

Further company coverage: PWFC.NS

((Reuters.Briefs@thomsonreuters.com;))

MUMBAI, March 13 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 56.85 billion rupees ($653 million) for multiple maturity bonds, three bankers said on Thursday.

The state-run company has accepted bids worth 16.85 billion rupees for one year and one month bonds and 40 billion rupees for three year and four month bonds.

It will pay an annual coupon of 7.75% and 7.45% on these issues, respectively, and had invited coupon and commitment bids for both the options earlier in the day.

PFC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 13:

* Size includes base plus greenshoe for some issues

($1 = 87.0040 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

March 12 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE CORP - APPROVES MARKET BORROWING PROGRAM FOR FY 2025-26 FOR UP TO 1.4 TRLN RUPEES

• POWER FINANCE - DIVIDEND 3.5 RUPEES PER SHARE

Source text: ID:nBSE1r6GLp

Further company coverage: PWFC.NS

((Reuters.Briefs@thomsonreuters.com;;))

MUMBAI, March 7 (Reuters) - India's Power Finance Corp PWFC.NS plans to raise 80 billion rupees ($920 million) through sale of multiple maturity bonds, three bankers said on Friday.

The state-run company plans to raise at least 7 billion rupees each through one year and one month, and three year and four month bonds, with a greenshoe option to retain 33 billion rupees for each issue.

The company has invited coupon and commitment bids for the bonds on Thursday, they said.

PFC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 7:

*Size includes base plus greenshoe for some issues

($1 = 86.9240 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

MUMBAI, Feb 27 (Reuters) - India's Power Finance Corp PWFC.NS has accepted bids worth 64.15 billion rupees ($735.5 million) for the sale of multiple maturity bonds, three bankers said on Thursday.

The state-run company has accepted bids worth 33.40 billion rupees on the four-year 10-month and 12-day papers at a coupon of 7.44%, while it has accepted bids worth 30.75 billion rupees for nine-year 10-month and 12-days papers at 7.40% coupon.

The company had invited coupon and commitment bids for the issue earlier in the day, they said.

PFC did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 27:

* Size includes base plus greenshoe for some issues

($1 = 87.2180 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)

((Dharamraj.dhutia@tr.com))

MUMBAI, Feb 25 (Reuters) - India's Power Finance Corp PWFC.NS plans to raise 80 billion rupees ($922.48 million), including a greenshoe option of 66 billion rupees, through the sale of multiple maturity bonds, three bankers said on Tuesday.

The state-run company aims to raise up to 40 billion rupees each through sale of bonds maturing in four year 10-month and 12 days and in nine year 10 month and 12 days.

It has invited coupon and commitment bids for the issue on Thursday, they said.

PFC did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 25:

*Size includes base plus greenshoe for some issues

($1 = 86.7230 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Rashmi Aich)

((Dharamraj.dhutia@tr.com))