State-run Power Finance Corp (PFC) has received the RBI's approval to raise USD 1 billion via offshore medium-term note borrowing, which will mark its debut in the international bond market, a company source with knowledge of the deal told Reuters.
The company, which expects to set up an Euro Medium Term Note (EMTN) programme in the next 6-8 weeks, said it will appoint bankers for the offering by end-September, the source said.
The borrowing will be utilised for funding the power projects, including ultra mega power projects, financed by the company, the source added.
Power Finance stock price
On November 27, 2015, Power Finance Corporation closed at Rs 210.80, up Rs 2.40, or 1.15 percent. The 52-week high of the share was Rs 315.90 and the 52-week low was Rs 185.40.
The company's trailing 12-month (TTM) EPS was at Rs 48.29 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 4.37. The latest book value of the company is Rs 244.08 per share. At current value, the price-to-book value of the company is 0.86.
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