Power Finance Corporation Limited (PFC) is a Government Company engaged in extending financial assistance to power, logistics and infrastructure sector and is registered with Reserve Bank of India (RBI) as an Infrastructure Finance Company (IFC). The Company has been conferred with `Maharatna’ Status by the Govt. of India. The Company provides large range of Financial Products and Services like Rupee Term Loans, Transitional Financing Services, Project Term Loan, Equipment Lease Financing, Direct Discounting of Bills, Short Term Loan, and Consultancy Services etc for various Power projects in Generation, Transmission, and Distribution sector as well as for Renovation & Modernization of existing power projects.
Power Finance Corporation Limited is coming up with a public issue by the company of secured, redeemable, non-convertible debentures of face value ₹1,000 per NCD (except in case of zero coupon NCD, face value shall be ₹1,00,000 each), for an amount up to ₹500 crores (“base issue size”) with an option to retain oversubscription up to ₹4,500 crores, aggregating up to ₹5,000 crores is being offered by way of this prospectus. The issue opens for subscription on Friday, January 16, 2026 and will close on Friday, January 30, 2026. The allotment is on a first come first serve basis with the minimum application to be made is of 10 NCDs (Rs.10, 000) & in multiple of 1NCD. Except in case of Series III NCDs the minimum application shall be 1 NCD.
Power Finance Corporation Limited NCD Details:
| Issue opens: | Friday, January 16, 2026 | ||||
| Issue closes: | Friday, January 30, 2026 | ||||
| Allotment: | First Come First Serve Basis | ||||
| Face Value: | Rs.1,000 per NCD (except in case of zero coupon NCD, face value shall be Rs. 1,00,000 each) | ||||
| Nature of Instrument: | Secured Redeemable Non-Convertible Debentures | ||||
| Minimum Application: | 10 NCDs (Rs.10, 000) & in multiple of 1NCD. Except in case of Series III NCDs the minimum application shall be 1 NCD | ||||
| Listing: | NSE | ||||
| Credit Rating: | “‘Crisil AAA/Stable’ by Crisil Ratings Limited, CARE AAA; Stable’ by CARE Ratings Limited; [ICRA]AAA (Stable) (“ICRA”) | ||||
| Issue Size: | Public issue by the Company of secured redeemable non-convertible debentures of face value of ₹1,000 each (except in case of zero coupon NCD, face value shall be ₹ 1,00,000 each), (“NCDs”) for an amount up to ₹500 crores (“Base Issue Size”) with a green shoe option of ₹ 4,500 crores aggregating up to ₹ 5,000 crores. | ||||
| Registrar: | KFin Technologies Limited | ||||
| Category | I – Institutional (“QIB”) | II – Non-Institutional (“Corporates”) | III – High Net worth
Individual (“HNI”) (Amount aggregating to above ₹ 10 lakh) |
IV – Retail Individual (“Retail”) (Amount aggregating up to and including ₹ 10 lakh) | |
| Category Allocation of the overall Issue Size | 10% of Overall Issue Size
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10% of Overall Issue Size
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40% of Overall Issue Size
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40% of Overall Issue Size
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Power Finance Corporation Limited NCD
Application form
Issue Break Up:
| Category | Allocation | Amount in Crs. | |||
| Base issue Issue | |||||
| Institutional Investors | 10% | 50 | 500 | ||
| Non Institutional Investors | 10% | 50 | 500 | ||
| HNI | 40% | 200 | 2000 | ||
| Retail Individual Investors | 40% | 200 | 2000 | ||
| Total | 100% | 500 | 5000 | ||
Specific Terms of the Prospectus:
The terms of the NCDs offered under the Issue are as follows:
| Series | I | II* | III | IV | V |
| Tenor | 5 years | 10 years | 10 years 1 Month | 15 years | 15 years |
| Frequency of Interest Payment | Annual | Annual | Zero Coupon NCD | Annual | Cumulative |
| Minimum Application and in multiples of thereafter (₹) | ₹ 10,000 (10 NCD) and in multiple of ₹ 1,000 (1 NCD) thereafter. Except in case of Series III NCDs (zero coupon NCD), the minimum application shall be 1 NCD and in multiple of 1 NCD thereafter. (For Series III NCDs, the minimum application amount shall be ₹ 51,502 for Category I and II; ₹ 51,263 for Category III and ₹ 50,780 for Category IV) | ||||
| Face Value (₹/ NCD) | ₹ 1,000 | ₹ 1,00,000 | ₹ 1,000 | ||
| Issue Price of NCDs (₹/ NCD) for NCD Holders in Category I and Category II. |
₹ 1,000 | ₹ 51,502 | ₹ 1,000 | ||
| Issue Price of NCDs (₹/ NCD) for NCD Holders in Category III. | ₹ 51,263 | ||||
| Issue Price of NCDs (₹/ NCD) for NCD Holders in Category IV. | ₹ 50,780 | ||||
| Coupon (% per annum) for NCD Holders in Category I and Category II. | 6.85% | 7.00% | NA | 7.05% | NA |
| Coupon (% per annum) for NCD Holders in Category III | 6.90% | 7.10% | NA | 7.20% | NA |
| Coupon (% per annum) for NCD Holders in Category IV | 7.00% | 7.20% | NA | 7.30% | NA |
| Effective Yield (% per annum) for NCD Holders of Category I and Category II | 6.85% | 6.99% | 6.80% | 7.04% | 7.05% |
| Effective Yield (% per annum) for NCD Holders of Category III | 6.90% | 7.09% | 6.85% | 7.19% | 7.20% |
| Effective Yield (% per annum) for NCD Holders of Category IV | 7.00% | 7.19% | 6.95% | 7.29% | 7.30% |
| Mode of Interest Payment | Through various modes available | ||||
| Amount (₹ / NCD) on Maturity for NCD Holders in Category I and Category II |
₹ 1,000 | ₹ 1,000 | ₹ 1,00,000 | ₹ 1,000 | ₹ 2,780.50 |
| Amount (₹ / NCD) on Maturity for NCD Holders in Category III | ₹ 1,000 | ₹ 1,000 | ₹ 1,00,000 | ₹ 1,000 | ₹ 2,839.56 |
| Amount (₹ / NCD) on Maturity for NCD Holders in Category IV | ₹ 1,000 | ₹ 1,000 | ₹ 1,00,000 | ₹ 1,000 | ₹ 2,879.58 |
| Maturity / Redemption Date (from the Deemed Date of Allotment) | 5 years | 10 years | 10 years 1 Month | 15 years | 15 years |
| Nature of Indebtedness | Secured | ||||
| Put and Call Option | Not applicable | ||||
* The Company shall allocate and allot Series II NCDs wherein the Applicants have not indicated the choice of the relevant NCD Series.
For any queries related to the NCD, you can consult the team at Elite Wealth. Since Demat is mandatory for investing in this particular NCD, the investor must open a Demat account with a trusted broker like Elite Wealth.