India’s Power Finance board approves revisions to borrowing programs

By Sarah Lizee

Olympia, Wash., Feb. 12 – Power Finance Corp. Ltd. informed the Bombay Stock Exchange that its board of directors met on Wednesday and approved revisions to the company’s market borrowing program for the financial year 2019-2020 and the financial year 2020-2021.

Under the revised program for 2019-2020, Power Finance may issue up to Rs. 620 billion of long-term borrowings, which may include term loans or bonds for a term of up to 30 years. The company may also issue up to Rs. 260 billion equivalent of long-term foreign currency borrowings by way of loans or bonds. Short-term borrowings have been approved for up to Rs. 20 billion, and up to Rs. 100 billion of commercial paper has been approved as well.

Under the revised program for 2020-2021, Power Finance may issue up to Rs. 550 billion of long-term borrowings, which may include term loans or bonds for a term of up to 30 years. The company may also issue up to Rs. 150 billion equivalent of long-term foreign currency borrowings by way of loans or bonds. Short-term borrowings have been approved for up to Rs. 50 billion, and up to Rs. 150 billion of commercial paper has been approved as well.

The company, which provides financing for electrical power, is based in New Delhi.

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