Power Finance Corpn.

June 30 (Reuters) - Power Grid Corporation of India Ltd PGRD.NS:

• POWER FINANCE - TRANSFERS KAKINADA I TRANSMISSION TO POWER GRID CORPORATION OF INDIA

• POWER FINANCE - CONSIDERATION FOR TRANSFER IS 205.1 MILLION RUPEES

Source text: ID:nBSE9WlsG0

Further company coverage: PGRD.NS

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The board of Power Finance Corporation (PFC) approved the scheme of merger by absorption of REC Limited into PFC at a meeting on June 28, 2026. The share exchange ratio has been fixed at 88 equity shares of PFC for every 100 shares of REC. The merged entity will have an aggregate loan book of over Rs 11 lakh crore, according to a company press release. The scheme is subject to shareholder, creditor, and regulatory approvals, including no-objection letters from stock exchanges. Deloitte Touche Tohmatsu India LLP is acting as transaction and tax advisor, and Cyril Amarchand Mangaldas as legal advisor. The valuation reports were provided jointly by RBSA Valuation Advisors and Ernst & Young Merchant Banking Services, with fairness opinions from SBI Capital Markets and Nuvama Wealth Management.

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By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, June 25 (Reuters) - Three Indian development finance institutions are planning to raise at least $1.5 billion through foreign-currency bank loans under the central bank's discounted overseas borrowing facility, three people familiar with the plans said.

The institutions are favouring loans over bonds because none has issued dollar debt before and the process is simpler, the sources added.

The National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI) and the National Bank for Financing Infrastructure and Development (NaBFID) are each seeking to raise at least $500 million through foreign-currency loans, with NaBFID the furthest along after initiating talks with lenders, an executive confirmed.

"We expect to raise up to $2 billion via ECBs in this financial year. At present, we are planning to raise $500 million through the ECB route, and we have already started our activity and are exploring in the market," NaBFID managing director Rajkiran Rai told Reuters.

"With the RBI window opening, ECBs work out much cheaper. For the loan, the landed cost could be in the range of 6.5%-7.0%, NaBFID's Rai added.

The institution had also raised $125 million via a smaller dollar loan tranche in March, the sources added.

The sources declined to be identified as they are not authorised to speak to the media. NABARD and SIDBI did not respond to Reuters' requests for comment.

NABARD and SIDBI, which have not yet tapped foreign funding, have initiated preliminary talks and could approach the market over the next 30 to 40 days, according to all the sources.

"There is a lengthy procedure involved in a debut dollar bond sale, and it is time-consuming. If an institution is not going to be a regular issuer like EXIM Bank, it makes little sense to choose bonds over loans," one of the sources said.

Based on the credit ratings, dollar loans may be just marginally expensive than bonds for now.

The Reserve Bank of India earlier this month allowed banks and state-run companies raising funds overseas to access a subsidised hedging facility, lowering the cost of managing currency risk as part of a broader effort to attract dollar inflows and support the rupee.

Since then, HDFC Bank HDBK.NS, Axis Bank AXBK.NS and Power Finance Corp PWFC.NS have raised a combined $1.85 billion through dollar bonds, while Bank of Baroda BOB.NS and State Bank of India SBI.NS are preparing for similar issues.

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

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By Dharamraj Dhutia

MUMBAI, June 23 (Reuters) - India's state-run Power Finance Corp PWFC.NS has accepted bids worth $300 million for a five-year dollar bond issue, becoming the first non-bank lender to tap the central bank's subsidised hedging facility for overseas borrowings, three bankers said.

The bonds were priced at a spread of 105 basis points over U.S. Treasuries, giving a yield of 5.327%, well inside the initial guidance of 130 basis points, indicating strong investor demand.

"The company chose to accept a lower quantum as this was their first tranche, but they could explore this route again when treasury yields ease," one of the bankers said on Tuesday.

Earlier, PFC had told bankers that it intended to raise $500 million, but ultimately settled for a smaller amount, as bankers said the spread would have widened had it pursued the full quantum.

The bankers requested anonymity as they are not authorised to speak to media, while PFC did not reply to a Reuters email seeking comment.

This comes after India's top private lender, HDFC Bank HDBK.NS sold $750 million of five-year dollar bonds last week at a spread of about 90 basis points over U.S. Treasuries.

Earlier this month, the RBI said external commercial borrowings by banks and state-run companies would qualify for a subsidised hedging facility, helping cut the cost of managing currency risk.

The step forms part of a wider RBI push to draw in dollar inflows and bolster the rupee.

Lenders Bank of Baroda and Axis Bank have finalised bankers for their planned dollar bond sales, and may set the pricing on them before the end of the week.

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected];))

By Dharamraj Dhutia

MUMBAI, June 22 (Reuters) - Indian lenders are on course to lock in pricing for $1.5 billion of bond issues this week, as a cheaper hedging facility spurs a rush in foreign-currency issuance, three bankers said on Monday.

State-run financier Power Finance Corp PWFC.NS aims to sell about $500 million of bonds, and has given an initial price guidance of a yield spread of 130 basis points over U.S. Treasuries, the bankers said, making it the first non-bank lender to tap dollar bonds after India earlier this month opened a forex swap facility as part of wider measures to help the rupee.

"We expect the pricing for the PFC bond issue to ease to around 100 bps over Treasury," one of the bankers said.

State-run Bank of Baroda BOB.NS will sell $500 million of five-year dollar bonds this week. Private sector peer Axis Bank AXBK.NS also plans to sell perpetual dollar bonds worth at least $500 million, according to the bankers.

"We are expecting bonds of banks to see very strong demand, as such issuances are rare in the dollar market," the second banker said.

The bankers did not want to be identified as they are not authorised to speak to the media.

Power Finance Corp, Bank of Baroda and Axis Bank did not respond to Reuters emails seeking comment.

India's top private lender, HDFC Bank HDBK.NS, sold $750 million of five-year dollar bonds last week at a spread of about 90 basis points over U.S. Treasuries.

Bank of Baroda and Axis Bank have finalised bankers for the issues and could raise the size of their offerings if the pricing is favourable, one of the bankers said.

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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June 10 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE - PRESIDENTIAL APPROVAL FOR PROPOSED MERGER OF REC LIMITED INTO PFC

Source text: ID:nBSE2cGnWz

Further company coverage: PWFC.NS

(([email protected];))

May 13 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• POWER FINANCE CORP Q4 CONSOL NET PROFIT 69.99 BILLION RUPEES

• POWER FINANCE CORP Q4 CONSOL TOTAL REVENUE FROM OPERATIONS 289.2 BILLION RUPEES

• POWER FINANCE CORP - DIVIDEND OF 3.95 RUPEES PER SHARE

Source text: ID:nBSEbSwG8Y

Further company coverage: PWFC.NS

(([email protected];))

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

(([email protected];))

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

(([email protected];))

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

(([email protected];))

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)

(([email protected]))

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)

(([email protected]))

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

(([email protected];))

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)

(([email protected], [email protected]))

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)

(([email protected];))

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)

(([email protected], [email protected]))

** 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)

(([email protected];))

Feb 6 (Reuters) - Power Finance Corporation Ltd PWFC.NS:

• BUYS 52.63% GOVERNMENT HOLDING IN REC LIMITED

• BOARD APPROVES IN-PRINCIPLE MERGER WITH REC

Source text: ID:nBSE5MC9Yw

Further company coverage: PWFC.NS

(([email protected];))

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

(([email protected];))

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

(([email protected];;))

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)

(([email protected]; 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)

(([email protected];))

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)

(([email protected], [email protected]))

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)

(([email protected], [email protected]))

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)

(([email protected]))

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)

(([email protected]))

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)

(([email protected];))

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)

(([email protected]))

Updates throughout

By Khushi Malhotra and Dharamraj Dhutia

MUMBAI, April 22 (Reuters) - At least six Indian state-run companies have sought government approval to issue deep-discount bonds, opting for a rarely used corporate bond structure to raise relatively cheaper funds, four sources aware of the matter said on Tuesday.

These companies are Indian Railway Finance Corp (IRFC) INID.NS, Indian Renewable Energy Development Agency (IREDA) INAR.NS, Power Grid Corp of India (PGC) PGRD.NS, REC RECM.NS, SIDBI and NABARD, the sources said.

REC has yet again sought permission to issue these bonds, after having raised 50 billion rupees ($587 million) similarly in September, when aggressive bids led to lower-than-expected yields.

REC confirmed the development but none of the other firms replied to Reuters emails seeking comment.

Deep-discount bonds are generally issued at a more than 20%-25% discount to their face value and do not pay regular interest, a feature similar to zero-coupon notes that removes reinvestment risks.

The surge in interest from companies to raise funds via these bonds is because they reduce overall borrowing costs in an environment when interest rates are seen falling further.

For investors, these bonds, though not tax-free, offer a significant long-term capital gains benefit. That, along with the rarity of such issues, is boosting demand for such notes, bankers said.

"At maturity, investors receive a profit which is taxable as per capital gains rates. This helps reduce the effective tax rate for investors making zero-coupon bonds attractive," said Nikhil Aggarwal, founder and CEO of online bond trading platform Grip Invest.

Last week, Housing and Urban Development Corp (HUDCO) HUDC.NS became the third state-run company to get approval to issue these bonds.

"HUDCO was the most likely candidate and they have got the approval and we expect REC and IRFC to be the next likely candidates," one of the sources said.

The sources said the government's approval may come in phases as they are not comfortable with a surge in the supply of zero-coupon bonds. The sources refused to be identified as they are not authorised to speak to the media.

HUDCO got approval to raise 50 billion rupees through bonds with a maturity of 10 years and one month, while Power Finance Corp (PFC) PWFC.NS was approved to raise 100 billion rupees in March. Both have until the end of March 2027 to raise these funds.

($1 = 85.1780 Indian rupees)

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

(([email protected];))