Power Finance Corporation (PFC), which is a public sector listed company that finances power infrastructure projects, is set to raise ₹5000 crore from the debt capital market to refinancing existed debt and further lending.

PFC announced that the base issue will be ₹500 crore with an option to raise the rest ₹4500 crore later on. The public debt issue consists of secured, taxable, redeemable, non-convertible debentures (NCDs) of face value of ₹1,000 each. The zero coupon debentures have a face value of ₹1 lakh each. The NCDs are AAA rated by credit rating agencies. The NCD will list on National Stock Exchange (NSE).

The minimum application size of a bond is ₹10,000–lots of 10 NCDs–and thereafter in multiples of Rs. 1,000 thereof. This applies only to Series I,II and IV bonds. Series III are zero coupon bonds, which can be bought in lots of one. .Series one matures in five years, series two with 10 years, series three in 121 months, followed by Series four and five in 15 years. Coupon rates are the fixed interests that holders would receive for a bond. As value or prices of bonds fall, the effective yield, which is the actual return that new investors in the bond gets if they hold to maturity, increases. The coupon rates itself do not change. Effective yield for NCD holders in various categories ranges from 6.85% to 7.30% per annum. Investors can apply for the debt issuance between January 16 and January 30 2026.