India's PFC aims to raise at least 1.5 bln rupees in bonds-sources
MUMBAI Oct 1 (Reuters) - India's Power Finance Corp (PFC) is planning to raise at least 1.5 billion rupees ($23.96 million) through the sale of 5-year bonds at 9.81 percent, three sources with direct knowledge of the deal said on Tuesday.
PFC is willing to raise as much as 45 billion rupees ($718.79 million), the sources told Reuters, declining to be identified as they were not authorised to speak to the media.
The state-run finance provider for power projects is swiftly moving to raise funds to take advantage of a fall in domestic bond yields after India's central bank said on Monday it would buy up to 100 billion rupees of bonds on Oct. 7.
PFC had just on Monday scrapped a similar bond sale due to the cost involved in raising funds, sources had told Reuters. higher cost of funds. ($1 = 62.6050 Indian rupees) (Reporting by Archana Narayanan; Editing by Rafael Nam)
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