Power Finance Corporation Limited raised money through a public issue of secured rated, listed, redeemable, non-convertible debentures, open from 16 Jan 2026 to 30 Jan 2026. Coupons of 6.85%–7.3% a year, tenors of 5 years–15 years, rated CRISIL AAA, CARE AAA, ICRA AAA. Face value ₹1,000; minimum application ₹10,000.
Power Finance Corporation NCD issue: key facts
| Status | Closed |
|---|---|
| Issue opens | 16 Jan 2026 |
| Issue closes | 30 Jan 2026 |
| Listing date | 9 Sep 2026 |
| Coupon | 6.85%–7.3% a year |
| Tenor | 5 years–15 years |
| Interest payment | Annual, Cumulative |
| Credit rating | Crisil AAA Stable, Care AAA Stable and ICRA AAA Stable |
| Instrument | Secured Rated, Listed, Redeemable, Non-Convertible Debentures |
| Base issue size | ₹500 crore |
| Total with green shoe | ₹5,000 crore |
| Face value | ₹1,000 |
| Minimum application | 10 (Ten) NCDs (Rs. 10,000) either taken individually or collectively across all series of NCDs and in multiple of 1 NCD (Rs.1000) thereafter |
| Lead managers | Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, Tipsons Consultancy Services Private Limited and A. K. Capital Services Limited |
| Registrar | KFIN Technologies Limited |
| Listing on | NSE |
| Symbol | PFC2026 |
Series, coupons and tenors
- S1 - 6.85%, Tenor 5 years, for Categories I and II Investors - Annual Payment
- S1 - 6.90 % Tenor 5 years for Category III Investors - Annual Payment
- S1 - 7.00 % Tenor 5 years for Category IV Investors - Annual Payment
- S2 - 7.00%, Tenor 10 years, for Categories I and II Investors - Annual Payment
- S2 - 7.10 % Tenor 10 years for Category III Investors - Annual Payment
- S2 - 7.20 % Tenor 10 years for Category IV Investors - Annual Payment
- S4 - 7.05%, Tenor 15 years, for Categories I and II Investors - Annual Payment
- S4 - 7.20 % Tenor 15 years for Category III Investors - Annual Payment
- S4 - 7.30 % Tenor 15 years for Category IV Investors - Annual Payment
- S5 - Redemption Amount of Rs. 2,780.50, Tenor 15 years, for Categories I and II Investors - Cumulative
- S5 - Redemption Amount of Rs. 2,839.56, Tenor 15 years for Category III Investors - Cumulative
- S5 - Redemption Amount of Rs. 2,879.58, Tenor 15 years for Category IV Investors - Cumulative
As listed by NSE. "Category" refers to the investor categories in the prospectus (individuals usually fall in Categories III and IV). Cumulative series pay the amount shown at maturity instead of periodic interest.
About Power Finance Corporation as a bond issuer
Before applying, see Power Finance Corporation Limited: every outstanding bond and NCD with its coupon and maturity, the rating history and the company's private placements.
Documents and how to apply
- Prospectus NSE, zip file
- NSE public issues
While the issue is open, apply through your bank's net banking (ASBA) or your broker's app with UPI. The NCDs are credited to your demat account and listed on the exchange after allotment.
Questions and answers
What is the interest rate on Power Finance Corporation NCDs?
The coupon is 6.85%–7.3% a year, depending on the series and investor category, for tenors of 5 years–15 years. The series list on this page gives the coupon, tenor and payment frequency of each option.
When does the Power Finance Corporation NCD issue open and close?
The issue was open from 16 Jan 2026 to 30 Jan 2026, unless closed early or extended.
What is the minimum investment in the Power Finance Corporation NCD issue?
10 (Ten) NCDs (Rs. 10,000) either taken individually or collectively across all series of NCDs and in multiple of 1 NCD (Rs.1000) thereafter.
What is the credit rating of Power Finance Corporation NCDs?
Rated Crisil AAA Stable, Care AAA Stable and ICRA AAA Stable at the time of the issue. Ratings can change; check the rating agency's latest press release.
Are Power Finance Corporation NCDs secured?
The issue is described as: Secured Rated, Listed, Redeemable, Non-Convertible Debentures. The prospectus gives the security, the asset cover and the debenture trustee.
Other NCD issues
| Issuer | Opened | Coupon | Tenor | Rating | Issue size |
|---|---|---|---|---|---|
| Muthoot Fincorp | 23 Oct 2026 | 8.56%–9.25% | 2 years–6 years | Rated by Crisil, Brickwork | ₹500 crore |
| SMC Global Securities | 5 Oct 2026 | 9.5%–10% | 2 years–5 years | ICRA A | ₹150 crore |
| Nashik Municipal Corporation | 25 Feb 2026 | 8.05% | 3 years–10 years | IND AA+, CRISIL AA+ | ₹200 crore |
| IIFL Finance | 17 Feb 2026 | — | — | — | — |
| SMC Global Securities | 16 Oct 2025 | 9.75%–10.25% | 2 years–5 years | ICRA A | ₹150 crore |
| Surat Municipal Corporation | 6 Oct 2025 | 8% | 4 years–5 years | IND AA+, CRISIL AA+ | ₹200 crore |
| Sammaan Capital | 15 Jul 2025 | 8.42%–9.95% | 2 years–10 years | CRISIL AA, ICRA AA | ₹2,000 crore |
| UGRO Capital | 3 Apr 2025 | 10%–10.5% | 18 months–42 months | IND A+ | ₹200 crore |
Updated 5 Nov 2026, 5:47 pm from the NSE and BSE public issue pages. Methodology and sources
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
