NEW DELHI: State-run Power Finance Corp. Ltd (PFC) has raised $1 billion by issuing bonds in the international market, the company said in a statement on Wednesday. PFC recently completed the purchase of a controlling stake in state-run peer REC Ltd that will create an $80 billion lending giant by assets. This comes in the backdrop of PFC increasing its borrowings from the international market in 2019-20 to tide over a liquidity crunch in the country. PFC chairman and managing director Rajeev Sharma said in the statement that the transaction establishes PFC status as leading NBFI in India having priced its first dual and largest USD bonds transaction for government-owned Indian NBFC. For the March quarter, PFC reported standalone net profit of ₹2,117.56 crore, up 165% from ₹796.35 crore in the year-ago period.

Source: Mint June 12, 2019 12:23 UTC