Pictures by Bibhash Lodh/BS News Agency.
Sanchita Chatterjee, BS News Agency, Kolkata, January 15, 2026: Power Finance Corporation Limited (PFC), a Schedule–A Maharatna Central Public Sector Enterprise and a public financial institution focused on the power sector, has filed the Tranche I Prospectus dated January 9, 2026 for a public issue of secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value ₹1,000 each (except zero coupon NCDs of face value ₹1,00,000). The base issue size is ₹500 crore with a green shoe option of up to ₹4,500 crore, aggregating to ₹5,000 crore, within the overall shelf limit of ₹10,000 crore.
Pictures by Bibhash Lodh/BS News Agency.
The Tranche I Issue opens on Friday, (January 16, 2026) and closes on Friday, (January 30, 2026), with an option of early closure or extension in accordance with Securities & Exchange Board of India (SEBI) (Issue and Listing of Non-Convertible Securities) Regulations, 2021. The NCDs are proposed to be listed on the National Stock Exchange of India Limited (NSE), which will be the designated stock exchange for the issue. The NCDs are rated “CARE AAA; Stable” by CARE Ratings Limited, “CRISIL AAA/Stable” by CRISIL Ratings Limited and “[ICRA] AAA (Stable)” by ICRA Limited.
The issue offers multiple tenure options of five years, 10 years and 15 years, including annual, cumulative and zero-coupon series. The effective yield for investors across categories ranges from 6.85% to 7.30% per annum, depending on series and investor category. The minimum application size is ₹10,000 (10 NCDs) and thereafter in multiples of ₹1,000, except in the case of zero-coupon NCDs where the minimum application is one NCD.
Out of the net proceeds of the Tranche I Issue, at least 75% will be utilised for onward lending, financing or refinancing of existing indebtedness and debt servicing, while up to 25% will be used for general corporate purposes. Funds raised through zero-coupon NCDs will be utilised only for onward lending.
For the six months ended September 30, 2025, PFC recorded consolidated revenue from operations of ₹57,429.28 crore and net profit of ₹16,815.84 crore. For FY 2024-25, consolidated revenue stood at ₹1,06,501.62 crore with a net profit of ₹30,514.40 crore.
Tipsons Consultancy Services, A. K. Capital Services Limited, Nuvama Wealth Management Limited and Trust Investment Advisors Private Limited are the lead managers to the issue. Beacon Trusteeship Limited is the debenture trustee and KFin Technologies Limited is the registrar to the issue.
Power Finance Corporation Limited, registered as a systemically important non-deposit taking NBFC with RBI and classified as an Infrastructure Finance Company, plays a key role in financing India’s power sector and supporting infrastructure growth across the country.