Kolkata, 15 January 2026: Power Finance Corporation Limited, a public financial institution and a Schedule-A Maharatna Central Public Sector Enterprises (CPSE), focused on the power sector, has filed tranche I prospectus dated January 9, 2026 (“Tranche I Prospectus”) for public issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of Rs. 1,000 each (except in case of zero coupon NCD, face value shall be ₹ 1,00,000 each). The base issue size is Rs. 500 crore with a green shoe option of up to Rs. 4,500 crore, aggregating up to Rs. 5,000 crore (“Tranche I Issue”), which is within the shelf limit of Rs. 10,000 crore (“Issue”).
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 compliance with Securities and Exchange Board of India Issue and listing of (Non-Convertible Securities) Regulations 2021, as amended (“SEBI NCS Regulations”). The NCDs are proposed to be listed on National Stock Exchange of India Limited (“NSE”), with NSE being the Designated Stock Exchange for the Issue. The NCDs have been rated by “CARE AAA; Stable” by CARE Ratings Limited, “Crisil AAA/Stable” by Crisil Ratings Limited and “[ICRA] AAA (Stable)” by ICRA Limited.
The minimum application size would be Rs. 10,000 (i.e. 10 NCDs) and thereafter in multiples of Rs. 1,000 (i.e. 1 NCD) thereof (except in case of Series III NCDs (zero coupon NCD), the minimum application shall be 1 NCD and in multiple of 1 NCD thereafter. (For Series III NCDs, the minimum application amount shall be ₹ 51,502 for Category I and II; ₹ 51,263 for Category III and ₹ 50,780 for Category IV). This issue has maturity / tenure options of 5 years, 10 years and 15 years for NCDs with annual coupon payment being offered across series I, II, and IV, respectively. Effective yield for NCD holders in various categories ranges from 6.85% to 7.30% per annum.
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