PFC board approves borrowing of Rs 1 lakh cr in next financial year

New Delhi: Power Finance Corporation (PFC) board on Friday approved a plan to borrow a sum of Rs 1 lakh crore under different debt segments. The amount will be borrowed in one or more tranches in the financial year (FY) 2021-22. PFC gave this information in a statutory filing. The board of directors at their meeting on Friday, February 26, 2021, approved the proposal for raising of resources i.e. "market borrowing programme under different debt segments in one or more tranches/series for FY2021-22," it said.

ALSO READ: RailTel shares list at a premium, close 29% up amidst market sell-off

ALSO READ: Govt lowers Late Payment Surcharge for discoms, links it to SBI lending rate

The company plans to raise a maximum of Rs 60,000 crore from long-term borrowing, Rs 20,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing and Rs 15,000 crore from commercial papers, it said. PFC said the fund will be raised from time to time with the approval of the competent authority.

PFC operates under the administrative control of the Ministry of Power and is the largest non-banking financial corporation (NBFC) in the power sector in India.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)