Power Finance Hires Banks to Raise $121 Million Selling 5-, 10-Year Bonds

Power Finance Corp., the state-owned Indian lender to power projects, hired 20 banks to help it sell five- and 10-year bonds in rupees, according to two people familiar with the matter.

The New Delhi-based company plans to raise at least 10 billion rupees ($212 million) from the sales, said the people, who asked not to be identified as they’re not authorized to discuss the issue.

Power Finance’s five-year notes will pay an 8.25 percent coupon and the 10-year securities will pay 8.7 percent, the people said.

To contact the reporter on this story: Suprotip Ghosh in Mumbai sghosh47@bloomberg.net

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