"The PFC bond issue has got overwhelming response and subscribed for an amount of Rs 4,700 crore or 94 per cent on first day of opening on Friday," the source said.
The source further said only Rs 300 crore of bonds for retail investors are left which would be easily subscribed on Monday (January 18).
Earlier on Thursday, PFC Chairman R S Dhillon had told reporters that the issue would be allotted on first-come-first-serve basis and in case of oversubscription, the allotment would done proportionately.
Secured redeemable non-convertible debentures (NCDs) of face value Rs 1,000 are available for subscription in lots of 10 NCDs.
The issue is open for four categories of investors institutional, non-institutional, high net worth individuals and retail.
Dhillon had also said the company would bring more such bond issues going forward.
About raising the entire Rs 10,000 crore during this fiscal itself, Dhillon had said it would be done based on response to the issue.
PFC had previously sold tax-free infrastructure bonds to retail investors. This is its maiden taxable issuance for individual buyers.
The bonds are being offered in four tenors -- 3, 5, 10 and 15 years.
For institutional and non-institutional investors, the interest rate for bonds of 3, 5 and 15-year tenors has been kept at 4.65 per cent, 5.65 per cent and 6.78-6.95 per cent, respectively.
The 10-year bond for these investors will fetch 6.53-6.80 per cent interest.
The interest for high net worth individuals and retail individual investors would be 4.80 per cent, 5.80 per cent, and 6.97-7.15 per cent for bonds of 3, 5 and 15 years.
The 10-year bonds for this set of investors will fetch 6.78-7 per cent interest.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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