PFC issues India's first-ever Euro Green Bond

Power Finance Corporation Ltd (PFC) in a statement said that it had successfully issued its maiden bonds worth 300 million euros for a period of seven years.

New Delhi: State-owned Power Finance Corporation Ltd (PFC), the leading Non-bank financial institution (NBFC) in the power sector in India, on Thursday successfully issued its maiden bonds worth 300 million euros for a period of seven years.

Power Finance Corporation Ltd (PFC), in a statement, said that the issuance saw strong participation from institutional investors across Asia and Europe with participation from across 82 accounts and was oversubscribed 2.65 times.

"PFC successfully issued its maiden 300 million euros 7 year euro bond issuance on 13.09.2021. The pricing of 1.841 per cent achieved is the lowest yield locked in by an Indian issuer in the euro markets," the statement said.

"It is the first Euro bond issuance from India since 2017," the statement added.

PFC Chairman and Managing Director (CMD) RS Dhillon said that the overwhelming response to the issuance reflects international investor's confidence in PFC.

PFC Director (Finance) Parminder Chopra said, "PFC has successfully forayed into the European market for its international raising and has concluded the inaugural Euro Bond issuance at attractive terms and pricing."

(With inputs from agency)