The corporation will also organise the road shows in Dubai, London, Paris, Milan and Mumbai, PFC sources said.

The seven-year $100 million floating rate note (FRN) ECB will also have a greenshoe option of $50 million. Dutch bank ABN Amro is the lead arranger for the issue, sources said.

Co-arrangers to the issue are Citibank, SBI, ANZ Grindlays, Hongkong and Shanghai Banking Corporation (HSBC), sources added.

This is the second ECB in two successive years. The previous issue of $100 million was made in July 1998.The road shows in Mumbai are scheduled to be held on Friday, followed by other places, sources said.

A team headed by power secretary VK Pandit, chairman and managing director of PFC Uddesh Kohili and PFC finance director TN Thakur are in Singapore for the road shows.

PFC, which caters exclusively to the fundingrequirements of various power utilities, plans to come out with another $100 million ECB in the next four to five months, sources said.

The corporation, which plans to raise about Rs 2,000 crore this year, will utilise the amount to fund the requirements of various state electricity boards and other power utilities including the private sector.

Of the Rs 2,000 crore to be mopped up during the current fiscal, PFC will raise about Rs 1,000 crore from the domestic market. The corporation is talking to national banks like State Bank, Punjab National Bank, Bank of Baroda, Jammu and Kashmir Bank and Indian Overseas Bank to raise funds in the domestic market, they said.

PFC mobilised about Rs 610 crore through long-term loans from banks at the prime lending rate, Rs 151 crore through tax-free bonds and Rs 212 crore by way of taxable bonds during 1998-99. The corporation's sanctions as on March 31, 1999, stood at Rs 3,339 crore while disbursements were at Rs 2,479 crore as against Rs 2,922 crore and Rs 2,026crore registered last year.