Need to Know | Power Finance Corp abandons Rs200 crore bond issue for now

Need to Know | Power Finance Corp abandons Rs200 crore bond issue for now
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First Published: Tue, May 13 2008. 10 18 PM IST
Updated: Tue, May 13 2008. 10 18 PM IST
Mumbai: The state-run lender to power companies, Power Finance Corp. Ltd (PFC), has scrapped its Rs200 crore bond issue as investors demanded yields higher than the rates suitable to the company, a senior official said. “We have scrapped the issue as the rate was not suitable to us and we will re-enter the markets when the rates suit us and the quantum will be around the same levels,” said Satnam Singh, director of finance.
PFC was to sell five-year bonds with a floating coupon rate, bankers said on Monday. “They were not comfortable with the quoted rates, they will come again with a new issue having a fixed coupon,” a merchant banker familiar with the issue said. The company was looking to price the coupon rate at a spread over the government bond swap curve, or the INBMK swap curve as it is more popularly known.
Reuters
Ircon wins Rs4500 croreMalaysian contract
Kuala Lumpur: Indian railway firm Ircon International Ltd has won a contract to design, build and maintain a 3.4 billion ringgit (about Rs4,500 crore) rail project in Malaysia, the Indian embassy here said on Tuesday.
Railways minister Lalu Prasad will visit the country this week to witness the signing of the four-year contract for the electrified double-tracking project between Seremban and Gemas in southern Malaysia, the embassy said in a statement.
Reuters
Coca-Cola seeks more acquisitions to grow
Tokyo: The world’s biggest drinks maker, Coca-Cola Co., seeks to buy firms in the fast-growing soft drinks market to expand its revenue sources, its CEO-in-waiting said on Tuesday.
“You will see us grow organically as well as through targeted acquisitions,” said Coca-Cola’s chief operating officer Muhtar Kent, who is due to become chief executive officer on 1 July. Kent told reporters that such acquisitions would not be large.
Reuters
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First Published: Tue, May 13 2008. 10 18 PM IST