Indian state-run power projects financier Power Finance Corp Ltd (PFC) is planning to raise more than Rs 220 billion through infrastructure and tax-free bond issues during the current financial year (2011-12) to meet its funding requirements, Chairman and Managing Director Satnam Singh said Monday.
"Our (borrowing) target for the current fiscal is Rs 30,000 crore (Rs 300 billion), of which we have already raised Rs 3,400 crore (Rs 34 billion) from the follow-on offer, Rs 3,000 crore (Rs 30 billion) via bonds and Rs 1,000 crore (Rs 10 billion) from term loans," Singh said here.
The company uses the money for lending to power projects. PFC's target for the previous financial year was to raise Rs 270 billion.
PFC already has the approval from the Government of India's to raise Rs 50 billion via tax-free bonds and Rs 70 billion through infrastructure bonds, while remaining Rs 110 can be raised via another bond issue or external commercial borrowings (ECBs).
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