Power Finance stocks early give up gains from raising borrowing program to Rs 100,000 crore

Power Finance Corporation shares opened higher on January 5 before giving up early gains after the company raised its market borrowing program to Rs 1,050 crore.

As of 10:18 am, Power Finance shares were trading at Rs 405.3 on the NSE, down 0.11 per cent from the previous close.

Follow Market Blog for all the latest updates

The current fiscal year’s borrowing program was Rs 80,000 crore. Borrowing is done under various debt segments on public or private placement basis, such as bonds, debentures, term loans and external commercial borrowings.

“Funds under the revised market borrowing program will be raised from time to time during the financial year 2023-24 with the approval of the competent authorities in accordance with the powers delegated in this regard by the Board of Directors,” he said. Ta. It is stated in documents submitted to securities companies.

On January 3, Power Finance Corporation signed its first agreement with the Government of Gujarat to provide comprehensive financial support to power generation, transmission and distribution projects in the state.

This collaboration is designed to facilitate long-term debt and other critical financing essential to delivering diverse projects across the state. The financial assistance envisaged under the terms of the MoU amounts to Rs 25,000 crore, which will be earmarked for strengthening various projects across Gujarat, the company said in an exchange filing.

Over the past six months, PFC’s stock price has increased by 127.22%, more than doubling investors’ profits.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not the views of the website or its management. Moneycontrol.com advises users to check with certified professionals before making any investment decisions.