PFC & Union Bank raise money

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Mumbai, Sep 5: State-run lender Power Finance Corp has raised around Rs 4,095 crore by selling bonds, a company official, on conditions of anonymity, said.

“We are still in the process of compiling the final amount raised, but as of now it is Rs 4,095 crore,” the company official said. “We have raised funds to meet our routine business requirement, nothing specific.” The company, which had set out to raise Rs 300 crore by selling bonds of three different maturities last week, has raised more than 13.5 times the amount of the core issue size, making it one of the largest corporate bond deals ever, merchant bankers said. Further details regarding issues like individual funds collected through each trache was not immediately available.

“Whether we will enter the market again immediately depends on how our business operations take off. If necessary, we may raise more funds,” the official added.

Mumbai-based Union Bank of India on Friday raised additional capital to the extent of Rs 200 crore by issue of Hybrid Tier I Capital, Perpetual Bonds.

The bonds have a call option to redeem the bonds at par at the end of the 10th year and on every interest payment date thereafter (exercisable only with RBI approval).