State-owned Power Finance Corp. Ltd. on Monday said it has raised $300 million loan from overseas, following of its planned merger with Rural Electrification Corp. Ltd.
The loan, jointly approved by State Bank of India, Hong Kong, and MUFG Bank Ltd., Singapore, is PFC's second foreign currency borrowing in 2019-20. PFC had raised $1 billion through issuance of Reg-S bonds. This was the biggest bond issuance overseas by a government-owned non-banking finance company.
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PFC has thus mobilised $1.3 billion so far this year, indicating investor confidence in the company post acquisition of government shareholding of 52.63 percent in REC.
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