PFC to to raise up to Rs 65,000 crore through issuance of debentures

State-owned Power Finance Corporation (PFC) Wednesday said it has received shareholders' approval for raising up to Rs 65,000 crore through issuance of debentures on private placement basis.

The shareholders approved the proposal to raise up to Rs 65,000 crore through issuance of debentures, bonds, notes or debt securities by way of private placement in domestic and international markets at its annual general meeting held on September 11, 2018, it said in a BSE filing.

PFC, an infrastructure finance company, is engaged in providing financial assistance to state power utilities for meeting the financing and development requirements of the power sector.

The shareholders also approved a scheme of arrangement for amalgamation of PFC Green Energy Ltd (PFCGEL) with PFC.

The boards of PFCGEL and PFC accorded their in-principle approval for the merger at their 35th and 350th meeting held on July 18, 2016, and August 9, 2016, respectively.