PFC borrows $300 million through syndicated loan

NEW DELHI: State-run Power Finance Corporation Ltd (PFC) on Monday said it has raised $300 million through three year syndicated loan from State Bank of India, Hong Kong and MUFG Bank Ltd, Singapore.

This is PFC’s second foreign currency borrowing in the current quarter. Earlier, PFC raised $1 billion through issuance of Reg-S bonds which was the biggest bond issuance overseas by a government-owned NBFC, an official statement said.

"With this $300 million deal, PFC has mobilised $1.3 billion indicating investor's confidence in PFC post acquisition of government shareholding of 52.63% in REC Ltd," it said.