Shares of Power Finance Corporation (PFC) rose nearly a percent in the early trade on January 10 after receiving the go-ahead to set up a finance company at the International Financial Services Centre (IFSC) in Gujarat's GIFT City.
At 9.15 am, PFC was trading at Rs 396 on the National Stock Exchange.
The Reserve Bank of India (RBI) on January 9 issued a no objection letter to for setting up a finance company at the GIFT City, the company said in an exchange filing.
“PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence,” the exchange filing said. Earlier this month, the company raised its market borrowing to Rs 1.05 lakh crore.
Also Read: RBI allows PFC to set up finance company in GIFT city
The borrowing programme was for Rs 80,000 crore for the current financial year. The borrowing is under various debt segments such as bonds, debentures, term loans, external commercial borrowings and more on both, public or private placement basis.
“The funds under the said revised market borrowing programme will be raised, from time to time, during the financial year 2023- 24, with the approval of the competent authority as per powers delegated in this regard by the Board of Directors,” the company told exchanges.
Earlier, PFC inked an initial pact with the Gujarat government to provide comprehensive financial backing for the state's generation, transmission, and distribution projects.
Also Read: Power Finance Corp commits Rs 25,000 crore for power sector projects in Gujarat
The stock has given a return of 118.68 percent over the last six months against Nifty's a 11.31 percent.
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