India's Power Finance raises 8 bln rupees via tier II bonds

MUMBAI, June 7 Fri Jun 7, 2013 7:16am EDT

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MUMBAI, June 7 (Reuters) - India's Power Finance Corp Ltd raised 8 billion rupees through the issue of 10-year subordinated tier II bonds at 8.19 percent, three sources with knowledge of the deals said.

The firm had invited re-bids on Thursday to raise at least 1.5 billion rupees, after scrapping an offering with similar terms earlier this week, owing to a mismatch in pricing expectations with arrangers.

The proceeds from the bond sale will be used to strengthen capital adequacy and augment long-term resources, the firm said in its termsheet. (Reporting by Archana Narayanan; Editing by Jijo Jacob)


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