India Power Finance Corp cancels bond sale

India Power Finance Corp cancels bond sale

By Reuters

Mumbai: India’s Power Finance Corp has scrapped a bond issue it launched last week after it found the pricing from investors higher than the firm’s expectations, a senior official said on 27 August.

“We had called for bids. We didn’t find the price attractive. So we cancelled the issue," Satnam Singh, director, finance told Reuters from New Delhi.

The issue size was Rs2 billion with an unspecified greenshoe option to retain oversubscription. “We were targetting Rs2 billion. We got more than that. But, the pricing was not attractive," Singh said. The maturity of the bonds was three and five years.