Power Finance Board approves raising of up to ₹80,000 Cr in FY24 via bonds
1 min read 21 Mar 2023, 08:32 PM ISTThe board of the Power Finance Corporation (PFC) gave its approval on Tuesday to the raising of funds from both domestic and foreign currency borrowings, including bonds, term loans, and commercial paper, for the fiscal year 2023–24 (FY24).
PremiumThe board of the Power Finance Corporation (PFC) gave its approval on Tuesday to the raising of funds from both domestic and foreign currency borrowings, including bonds, term loans, and commercial paper, for the fiscal year 2023–24 (FY24). The proposal to borrow up to ₹80,000 crore in the forthcoming fiscal year 2023–2024, excluding funds earned from extra budgetary resources (EBR), has been accepted by the board.
At its meeting on March 21, 2023, the Board of Power Finance Corporation approved borrowing up to ₹80,000 crore for the fiscal year 2023–24 as follows: Long-term domestic borrowing of ₹40,000 crore; Long-term foreign currency borrowing/Rupee denominated foreign currency borrowings through the ECB – ₹20,000 crore; Short-term borrowing – ₹10,000 crore; and Commercial paper – ₹10,000 crore.
“In terms of Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Board of Directors of Power Finance Corporation Ltd. (PFC) in its meeting scheduled to be held on 23.03.2023, inter-alia, will be considering a proposal relating to the declaration of 4th interim dividend, if any, for the FY 2022-23. Accordingly, 01.04.2023 shall be the "Record Date" for the purpose of ascertaining the eligibility of the shareholders for payment of said Interim Dividend, if so declared by the Board," said Power Finance in a stock exchange filing.
The shares of Power Finance Corporation (PFC) closed today on the NSE at ₹154.05 apiece level, up by 2.12% from the previous close of ₹150.85. The stock recorded a total volume of 70,56,148 shares compared to the 20-Day average volume of 80,06,355 shares. The stock gained 32.29% and on a YTD basis it has gained 2.91% so far in 2023. The stock touched a 52-week-high of ₹170.60 on (09-Mar-2023) and a 52-week-low of ₹97.10 on (20-Jun-2022). During Q3FY23, the company recorded a promoter shareholding of 55.99%, FIIs stake of 16.85%, DIIs stake of 17.87% and a public stake of 9.26%.
