Power Finance Corporation has priced a transaction of $300,000,000 Floating Rate Notes due 2029 under its $8,000,000,000 Global Medium Term Note Programme. The notes carry a coupon of O/N SOFR + 110 bps per annum and have a maturity of 3 years. Interest payments will be made quarterly in arrears on October 16, January 16, April 16, and July 16.

The settlement date for the notes is expected to be July 16, 2026. Unless previously redeemed, the notes will mature on July 16, 2029, with principal and interest payments made in U.S. Dollars. The notes represent direct, unconditional, and unsecured obligations of the issuer and will rank pari-passu with all other unsecured obligations.

The notes will be listed on NSE IFSC and India INX. Net proceeds from the issuance will be utilized in accordance with the external commercial borrowing guidelines of the Reserve Bank of India.

Key Details of the Issuance

The following table outlines the key terms and features of the floating rate note issuance:

The transaction was intimated to the exchanges in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

power finance corporation has transferred its wholly-owned subsidiary, Kakinada I Transmission Limited, to Power Grid Corporation of India for a consideration of ₹20,50,66,293. The transfer was completed on June 29, 2026, following a competitive bidding process. Kakinada I Transmission Limited was established to develop the transmission system for proposed green hydrogen and green ammonia projects in the Kakinada area (Phase-I).

The subsidiary was held through PFC Consulting Limited, another wholly-owned unit of Power Finance Corporation. The contribution of Kakinada I Transmission Limited to the listed entity's turnover and net worth during the last financial year was negligible. Power Grid Corporation of India Limited emerged as the successful bidder for the acquisition.

The transaction does not fall within the purview of related party transactions, as the buyer does not belong to the promoter or promoter group of Power Finance Corporation. Furthermore, the sale and transfer are not in the nature of a slump sale. The consideration for the transfer was determined in accordance with the guidelines issued by the Ministry of Power, Government of India.

Transaction Details

The completion of the transfer marks the exit of Power Finance Corporation from the specified transmission project, with the asset now moving under the control of the central transmission utility.