Power Finance Corporation's (PFC) board on Tuesday approved the raising of resources for the financial year 2023-24 (FY24) through bonds, term loans, and commercial paper among others from domestic and international markets.

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Besides, the board has approved the proposal to borrow up to Rs 80,000 crore in the upcoming financial year 2023-24 excluding funds raised under extra budgetary resources (EBR).

The approval also authorises the chairman and managing director of the company on the recommendation of the director (Finance) to interchange the amount against different sources of borrowing plans during a financial year within the overall limit approved by the board of directors.

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As per the approval, the company will raise up to Rs 40,000 crore via domestic debt, which includes public issues, debt securities, tax-free bonds, term loan from banks/FIs/government among others. Power Finance Corporation will raise up to Rs 20,000 crore as foreign debt in form of syndicated loans, FCNR (B) loans, term loans, and bonds/notes among others.

The infrastructure finance PSU, PFC, will raise Rs 10,000 crore in form of short-term borrowings as short-term loans, ICDs among others. In addition, the company will raise the remaining Rs 10,000 crore via commercial paper (CP).

Shares of Power Finance Corporation closed 2.12 percent higher at Rs 154.05 per share in today’s trade on NSE.

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First Published:Mar 21, 2023 7:06 PM IST