Power Finance Corp ( PFC) has received bids for nearly nine times its original base amount offer for the sale of retail bonds, signalling sustained demand for debt from state-owned firms.
The financial institution engaged in power sector funding, which launched its issue on Friday, has received total bids of 89 billion rupees ($1.68 billion), two sources involved with the issue said. The issue is set to close on Jan. 16.
It has received nearly 12 times more for its qualified institutional investor category and about eight times the size for the high net worth individual category, the sources said.
On Thursday, the National Highways Authority of India's (NHAI) first sale of retail bonds received bids for nearly five times the base amount.
India has allowed four state-owned firms to raise 300 billion rupees via tax-free bonds in the current financial year that began in April.
National Highways Authority of India (NHAI) and Indian Railway Finance Corp (IRFC) can each raise 100 billion rupees, while Housing and Urban Development Corp. (HUDCO) and Power Finance Corp can each raise 50 billion rupees.
Source: www.economictimes.com
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