Power Finance Corporation (PFC), a listed public sector lender for power infrastructure, is set to raise up to Rs 50 billion from the debt capital market to refinance existing borrowings and support further lending.

The company said the base issue will be Rs 5 billion, with a green-shoe option to raise an additional Rs 45 billion. The public issue comprises secured, taxable, redeemable non-convertible debentures (NCDs) with a face value of Rs 1,000 each, along with zero-coupon debentures carrying a face value of Rs 0.1 million. The NCDs have been rated AAA by credit rating agencies and will be listed on the National Stock Exchange.

The minimum application size for Series I, II and IV bonds is Rs 10,000, equivalent to 10 NCDs, and thereafter in multiples of Rs 1,000. Series III comprises zero-coupon bonds, which can be purchased in lots of one.

Series I will mature in five years, Series II in 10 years, Series III in 121 months, while Series IV and Series V will mature in 15 years. Coupon rates on the bonds are fixed and remain unchanged over the tenure. However, effective yields, which reflect the actual return to investors holding the bonds until maturity, vary based on price movements.

The effective yield for NCD holders across different investor categories ranges between 6.85 per cent and 7.30 per cent per annum. Investors can apply for the issue between January 16 and January 30, 2026.