Power Finance Corporation raises $300 million via floating rate notes
Business
Power Finance Corporation (PFC), a government-backed company, has secured $300 million by selling floating-rate notes (FRNs) to global investors.
These notes act like loans that PFC will repay by July 2029, with interest paid in US dollars every three months.
The money raised will be used according to RBI's rules for borrowing from abroad.
PFC unsecured notes to be listed
The FRNs officially settle on July 16, 2026, and pay interest every January, April, July, and October.
They're unsecured, meaning there's no collateral, but they rank equally with PFC's other debts.
Plus, these bonds will be listed on international exchanges such as NSE IFSC and India INX so global investors can trade them easily.