PFC board okays raising Rs 70,000 cr in one year

Power Finance Corporation (PFC) on Tuesday said its board has approved a proposal to raise Rs 70,000 crore by issuance of bonds, debentures, notes and debt securities from domestic and international markets on a private placement basis. The proposal would be placed for shareholders' approval in an annual general meeting of the company on August 27, according to the statement.

Once approved by the shareholders, the company would be able to raise Rs 70,000 crore in a period of one year from the AGM. The board of directors approved the proposal to raise Rs 70,000 crore in its meeting held on Tuesday, a BSE filing statement.