New Delhi, Jul 12 (PTI) Power Finance Corporation is planning to raise Rs 10,000 crore through non-convertible debentures, the state-owned company said on Wednesday.

The company said it "has filed a draft shelf prospectus for Rs 10,000 crore non-convertible debentures (NCD) fundraise. The public issue of secured, rated, listed, redeemable NCDs with a face value of Rs 1,000 each aggregate up to Rs 10,000 crore (shelf limit) and will be issued in one or more tranches".

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The company filed the prospectus with the BSE on July 6.

Of the net proceeds, at least 75 per cent will be utilised for onward lending, financing/refinancing the existing debt of the company, and/or debt servicing and payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company, the Power Finance Corporation (PFC) said.

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Up to 25 per cent of the proceeds will be spent for general corporate purposes, it said.

The issue has AAA ratings from all three rating agencies.

In 2022-23, PFC's revenue from operations rose 1.71 per cent to Rs 77,568.30 crore from which it earned a net income of Rs 21,178.59 crore, up 12.84 per cent.

The portfolio of PFC -- a leading non-banking financial corporation -- includes various financial products and services.

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