PFC to raise 1.5 bn rupees via bonds

Indian state-run Power Finance Corp opened bids on Wednesday to raise at least 1.5 billion rupees via private placement of bonds,a term sheet obtained by a news agency showed.

The funds will be raised through bonds of 5-year with a put/call after 18-months at 9.61 per cent semi-annual coupon,5-year 18-day bonds with a put/call after 3 year and 18 days at 9.66 per cent and 10-year 18-day bonds at 9.48 per cent,it showed.

The company was aiming to raise up to 30 billion rupees through bonds before the end of fiscal year 2011/12,according to report.