POWER FINANCE CORPORATION LIMITED Draft Shelf Prospectus
Dated July 6, 2023
POWER FINANCE CORPORATION LIMITED
(A Government of India undertaking)
Our Company was incorporated as Power Finance Corporation Limited, on July 16, 1986 as a public limited company under the erstwhile Companies Act, 1956 and was granted a certificate of incorporation by the Registrar of Companies, Delhi and Haryana and was granted a certificate of commencement of business dated December 31, 1987, with CIN L65910DL1986GOI024862. Our Company is a systemically important non-deposittaking non-bankingfinancial company ("NBFC") registered with the Reserve Bank of India ("RBI") under section 45 IA of the RBI Act, 1934 bearing registration number 14.00004 dated February 10, 1998. On July 28, 2010, our Company was classified as an Infrastructure Finance Company ("IFC") vide registration certificate number B-14.00004.Our Company was also conferred with the 'Mini Ratna' (Category - I) status on September 15, 1998 and on June 22, 2007, our Company was notified as a Navratna company by the Government of India. Further, on October 12, 2021, our Company was conferred with Maharatna status by the GoI. For more information about our Company, please see "General Information" and "History and Main Objects" on pages 53 and 153, respectively.
Registered Office and Corporate Office: "Urjanidhi", 1, Barakhamba Lane, Connaught Place, New Delhi - 110 001
Tel: +91 11 2345 6000; CIN: L65910DL1986GOI024862; PAN: AAACP1570H; Website: www.pfcindia.com; Email: publicissue2324@pfcindia.com
Company Secretary and Compliance Officer: Mr. Manish Kumar Agarwal, Company Secretary; Telephone: +91 11 2345 6787; Email: mk_agrawal@pfcindia.com
Chief Financial Officer: Ms. Parminder Chopra, Director Finance; Tel.: +91 11 2345 6912; Email: directorfinance@pfcindia.com
PUBLIC ISSUE BY POWER FINANCE CORPORATION LIMITED ("COMPANY" OR "ISSUER") OF UPTO 10,00,00,000 SECURED, RATED, LISTED, REDEEMABLE NON-CONVERTIBLE DEBENTURES OF FACE VALUE OF ₹ 1,000 EACH, ("NCDs"), AGGREGATING UPTO ₹ 10,000 CRORE("SHELF LIMIT") ("ISSUE").THE NCDS WILL BE ISSUED IN ONE OR MORE TRANCHES (EACH BEING A "TRANCHE ISSUE") UP TO THE SHELF LIMIT, ON TERMS AND CONDITIONS INCLUDING TRANCHE ISSUE SIZE AS SET OUT IN THE RELEVANT TRANCHE PROSPECTUS FOR ANY TRANCHE ISSUE (EACH "TRANCHE ISSUE") WHICH SHOULD BE READ TOGETHER WITH THIS DRAFT SHELF PROSPECTUS AND THE SHELF PROSPECTUS (COLLECTIVELY, THE "PROSPECTUS"). THE ISSUE IS BEING MADE PURSUANT TO THE PROVISIONS OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF NON - CONVERTIBLE SECURITIES) REGULATIONS, 2021, AS AMENDED (THE "SEBI NCS REGULATIONS"), THE COMPANIES ACT, 2013 AND RULES MADE THEREUNDER AS AMENDED (THE "COMPANIES ACT, 2013") TO THE EXTENT NOTIFIED AND THE SEBI OPERATIONAL CIRCULAR. THE ISSUE IS NOT UNDERWRITTEN.
OUR PROMOTER
The President of India, acting through and represented by Ministry of Power, Government of India. For further details of our Promoter please see "Our Promoter" on page 176.
GENERAL RISKS
Investment in debt securities involves a degree of risk and investors should not invest any funds in such securities unless they can afford to take the risk attached to such investments. Investors are advised to take an informed decision and to read the risk factors carefully before investing in this offering. For taking an investment decision, investors must rely on their own examination of the Issuer and the Issue, including the risks involved in it. Specific attention of the Investors is invited to the chapters "Risk Factors" and "Material Developments" on pages 19 and 466, respectively, before making an investment in such Issue. These risks are not, and are not intended to be, a complete list of all risks and considerations relevant to the debt securities or investor's decision to purchase such securities. This Draft Shelf Prospectus has not been and will not be approved by any regulatory authority in India, including the Securities and Exchange Board of India ("SEBI"), the Reserve Bank of India ("RBI"), any registrar of companies or any stock exchange in India nor do they guarantee the accuracy or adequacy of this document.
COUPON RATE, COUPON PAYMENT FREQUENCY, REDEMPTION DATE, REDEMPTION AMOUNT AND ELIGIBLE INVESTORS
For details relating to Coupon Rate, Coupon Payment Frequency, Redemption Date, Redemption Amount and Eligible Investors of the NCDs, see "Issue Related Information" on page 543.
CREDIT RATING
The NCDs proposed to be issued under the Issue have been rated 'CARE AAA; Stable' (Triple A; Outlook: Stable)' by CARE Ratings Limited ("CARE") to the long term borrowing programme of our Company, for an amount up to ₹ 60,000 crore for Fiscal 2024, by its letter dated March 31, 2023 revalidated as on June 21, 2023; 'CRISIL AAA/Stable' by CRISIL Limited ("CRISIL") to the long term borrowing programme of our Company for an amount up to ₹ 60,000 crore for Fiscal 2024 vide its letter dated March 30, 2023, revalidated as on June 8, 2023; and '[ICRA AAA] (Stable) (pronounced ICRA triple A: Stable)' by ICRA Limited ("ICRA") to the long term borrowing programme of our Company (including bonds and long term bank borrowing) for an amount up to ₹ 60,000 crore for Fiscal 2024, by its letter dated March 28, 2023, revalidated as on June 22, 2023. Rating given by CARE, CRISIL and ICRA are valid as on the date of this Draft Shelf Prospectus. These ratings are not a recommendation to buy, sell or hold securities and investors should take their own decisions. These ratings are subjected to a periodic review during which they may be raised, affirmed, lowered, withdrawn, or placed on Rating Watch at any time on the basis of factors such as new information. Each rating should be evaluated independently of any other rating. The Credit Rating Agencies' website will have the latest information on all its outstanding ratings. In case of any change in credit ratings till the listing of NCDs, our Company will inform the investors through public notices/ advertisements in all those newspapers in which pre issue advertisement has been given. For the rating letters (including revalidation letters), rationale and press release for these ratings, see "Annexure A" of this Draft Shelf Prospectus.
LISTING
The NCDs offered through this Draft Shelf Prospectus and the relevant Tranche Prospectus(es) are proposed to be listed on BSE Limited ("BSE") ("Stock Exchange"). Our Company has received an 'in-principle'
approval from BSE vide their letter no. [•] dated [•], 2023. BSE shall be the Designated Stock Exchange for the Issue.
PUBLIC COMMENTS
This Draft Shelf Prospectus dated July 6, 2023 has been filed with BSE, pursuant to the provisions of the SEBI NCS Regulations and will be open for public comments for a period of seven Working Days from the date of filing of this Draft Shelf Prospectus with the Stock Exchange. All comments on this Draft Shelf Prospectus are to be forwarded to the attention of the Company Secretary and Compliance Officer of our Company. All comments must be received by our Company within seven Working Days of hosting this Draft Shelf Prospectus on the website of the Designated Stock Exchange. Comments by post, fax and e-mail shall be accepted, however please note that all comments by post must be received by our Company by 5:00 p.m. on the seventh Working Day from the date on which this Draft Shelf Prospectus is hosted on the website of the Designated Stock Exchange. All comments received on this Draft Shelf Prospectus will be suitably addressed prior to filing of the Shelf Prospectus with the RoC.
LEAD MANAGERS TO THE ISSUE | REGISTRAR TO THE | ||||||||||
ISSUE | |||||||||||
JM Financial Limited | A.K. Capital Services Limited | Nuvama Wealth Management | SMC Capitals Limited | Trust Investment Advisors Private | KFIN Technologies Limited | ||||||
7th Floor, Cnergy | 603, 6th Floor, Windsor | Limited | A 401/402, Lotus Corporate Park | Limited | Selenium Tower B | ||||||
Appasaheb Marathe Marg | Off CST Road, Kalina | (formerly known as Edelweiss | Jai Coach Junction | 109/110, Balarama, Bandra Kurla | Plot 31-32, Gachibowli | ||||||
Prabhadevi, Mumbai - 400 025 | Santacruz (East),Mumbai - 400 098 | Securities Limited) | Off Western Express Highway | Complex, Bandra (East), | Financial District | ||||||
Maharashtra, India | Maharashtra, India | 8th Floor, Wing A, Building No 3 | Goregaon (East), Mumbai - 400 063 | Mumbai - 400 051 | Nanakramguda | ||||||
Tel: +91 22 6630 3030 | Tel: +91 22 6754 6500 | Inspire BKC, G Block, Bandra | Maharashtra, India | Maharashtra, India | Serilingampally, Hyderabad | ||||||
Fax: +91 22 6630 3330 | Fax: +91 22 6610 0594 | Kurla Complex, Bandra East, | Tel: +91 22 66481818 | Tel: +91 22 4084 5000 | Rangareddi - 500 032 | ||||||
E-mail: | Email: pfc.ncd2023@akgroup.co.in | Mumbai - 400 051 | Fax: +91 22 67341697 | Fax: +91 22 4084 5066 | Telangana, India | ||||||
Pfc.bondissue2023@jmfl.com | Investor Grievance Email: | Tel: +91 22 4009 4400 | Email: | Email: | Tel: +91 40 6716 2222 | ||||||
Investor Grievance Email: | investor.grievance@akgroup.co.in | Fax: NA | pfcncd2023@smccapitals.com | Projectsamridhi.Trust@trustgroup.in | Fax: +91 40 6716 1563 | ||||||
grievance.ibd@jmfl.com | Website: www.akgroup.co.in | Email: Pfc.ncd@nuvama.com | Investor Grievance Email: | Investor Grievance Email: | Email: | ||||||
Website: www.jmfl.com | Contact person: Saswat Mohanty / | Investor Grievance Email: | investor.grievance@smccapitals.com | customercare@trustgroup.in | pfcl.ncdipo@kfintech.com | ||||||
Contact Person: Prachee Dhuri Chaitali Chopdekar | Customerservice.mb@nuvama.com | Website: www.smccapitals.com | Website: www.trustgroup.in | Website: www.kfintech.com | |||||||
Website: www.nuvama.com | Contact person: Aastha Khanna / | Contact Person: Sumit Singh | Contact Person: M. Murali | ||||||||
Contact Person: Lokesh Singhi/ | Bhavin Shah | Krishna | |||||||||
Saili Dave | |||||||||||
DEBENTURE TRUSTEE | CREDIT RATING AGENCIES | STATUTORY AUDITORS | |||||||||
Beacon Trusteeship Limited* | CRISIL Ratings Limited | CARE Ratings Limited | ICRA Limited | Dass Gupta & Associates Prem Gupta & Company | |||||||
Chartered Accountants | Chartered Accountants | ||||||||||
4th Floor, Godrej Coliseum | |||||||||||
4 C&D, Siddhivinayak Chambers | CRISIL House, Central Avenue | Somaiya Hospital Road | Electric Mansion, | NDG Center, B-4 | 2342, Faiz Road | ||||||
Gandhi Nagar, Opp. MIG Cricket Club | Hiranandani Business Park | 3rd Floor Appasaheb Marathe Marg | Gulmohar Park | Karol Bagh | |||||||
Bandra (East), Mumbai - 400 051 | Powai, Mumbai - 400 076 | Off Eastern Express Highway, | Prabhadevi, Mumbai - 400 025 | New Delhi - 110 049, India New Delhi - 110 005, India | |||||||
Sion (East), Mumbai - 400 022 | |||||||||||
Maharashtra, India | Maharashtra, India | Maharashtra, India | Tel: +91 11 4611 1000 | Tel: +91 11 4507 0187 | |||||||
Maharashtra, India | |||||||||||
Tel.: +91 22 26558759 | Tel: +91 22 3342 3000 (B) | Tel: +91 22 6114 3406 | Email: | Email: | |||||||
Tel: +91 22 67543456 | |||||||||||
Email: contract@beacontrustee.co.in | Email: crisilratingdesk@crisil.com | Email: shivakumar@icraindia.com | admin@dassgupta.com | office@pguptaco.com | |||||||
Website: www.beacontrustee.co.in | Website: www.crisilratings.com | Email: Neha.kadiyan@careedge.in | Website: www.icra.in | Contact Person: | Contact Person: | ||||||
Contact Person: Kaustubh Kulkarni | Contact Person: Ajit Velonie | Website: www.careratings.com | Contact Person: L. Shivakumar | CA Naresh Kumar | CA Shakun Gupta | ||||||
Contact Person: Neha Kadiyan | |||||||||||
ISSUE PROGRAMME** | |||||||||||
Issue opens on: As specified in the relevant Tranche Prospectus | Issue Closes on: As specified in the relevant Tranche Prospectus |
- Beacon Trusteeship Limited under regulation 8 of SEBI NCS Regulations has by its letter dated June 21, 2023 given its consent for its appointment as Debenture Trustee to the Issue and for its name to be included in this Draft Shelf Prospectus, Shelf Prospectus, and relevant Tranche Prospectus and in all the subsequent periodical communications to be sent to the holders of the NCDs issued pursuant to the Issue.
- The Issue shall remain open for subscription on Working Days from 10:00 a.m. to 5:00 p.m. (Indian Standard Time) during the period as indicated in the relevant Tranche Prospectus. Our Company may, in consultation with the Lead Managers, consider closing the relevant Tranche Issue on such earlier date or extended date (subject to a minimum period of three working days and a maximum period of 10 working days from the date of opening of the relevant tranche issue and subject to not exceeding thirty days from filing tranche prospectus with ROC including any extensions), as may be decided by the Board of Directors of our Company or Chairman and Managing Director on recommendation of Director (Finance), subject to relevant approvals, in accordance with Regulation 33A of the SEBI NCS Regulations. In the event of an early closure or extension of the Issue, our Company shall ensure that notice of the same is provided to the prospective investors through an advertisement in in all the newspapers in which pre-issue advertisement for opening of this Issue has been given on or before such earlier or initial date of Issue closure. On the Issue Closing Date, the Application Forms will be accepted only between 10:00 a.m. and 3:00 p.m. (Indian Standard Time) and uploaded until 5:00 p.m. (Indian Standard Time) or such extended time as may be permitted by the Stock Exchange. Further, pending mandate requests for bids placed on the last day of bidding will be validated by 5:00 p.m. (Indian Standard Time). on one Working Day post the Issue Closing Date. For further details please refer to the section titled "General Information" on page 53.
A copy of the Shelf Prospectus and relevant Tranche Prospectus shall be filed with the Registrar of Companies, Delhi and Haryana in terms of Section 26 and Section 31 of Companies Act, 2013, along with the endorsed/certified copies of all requisite documents. For further details, please see "Material Contracts and Documents for Inspection" on page 612.
TABLE OF CONTENTS | |
CERTAIN CONVENTIONS, USE OF FINANCIAL, INDUSTRY AND MARKET DATA AND CURRENCY | |
OF PRESENTATION | 14 |
FORWARD LOOKING STATEMENTS | 17 |
SECTION II - RISK FACTORS | 19 |
SECTION III - INTRODUCTION | 53 |
GENERAL INFORMATION | 53 |
CAPITAL STRUCTURE | 64 |
OBJECTS OF THE ISSUE | 74 |
STATEMENT OF POSSIBLE TAX BENEFITS | 77 |
SECTION-IV - ABOUT OUR COMPANY | 91 |
INDUSTRY OVERVIEW | 91 |
OUR BUSINESS | 123 |
HISTORY AND MAIN OBJECTS | 153 |
OUR MANAGEMENT | 163 |
OUR PROMOTER | 176 |
OUR GROUP COMPANIES | 177 |
RELATED PARTY TRANSACTIONS | 178 |
REGULATIONS AND POLICIES | 179 |
SECTION V - FINANCIAL STATEMENTS | 198 |
FINANCIAL INFORMATION | 198 |
MATERIAL DEVELOPMENTS | 466 |
FINANCIAL INDEBTEDNESS | 467 |
SECTION VI - LEGAL AND OTHER INFORMATION | 502 |
OUTSTANDING LITIGATIONS AND OTHER CONFIRMATIONS | 502 |
OTHER REGULATORY AND STATUTORY DISCLOSURES | 524 |
SECTION VII - ISSUE RELATED INFORMATION | 543 |
ISSUE STRUCTURE | 543 |
TERMS OF THE ISSUE | 549 |
ISSUE PROCEDURE | 569 |
SECTION VIII - SUMMARY OF KEY PROVISIONS OF ARTICLES OF ASSOCIATION | 603 |
SECTION IX - MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION | 612 |
DECLARATION | 614 |
ANNEXURE A - CREDIT RATING, RATIONALE AND PRESS RELEASE | 615 |
ANNEXURE B - DEBENTURE TRUSTEE CONSENT LETTER | 616 |
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SECTION I - GENERAL
DEFINITIONS AND ABBREVIATIONS
This Draft Shelf Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or implies, shall have the meaning ascribed to such definitions and abbreviations set forth herein. References to any legislation, act, regulation, rules, guidelines, clarifications or policies shall be to such legislation, act, regulation, rules, guidelines, clarifications or policies as amended, supplemented or re-enacted from time to time until the date of this Draft Shelf Prospectus, and any reference to a statutory provision shall include any subordinate legislation notified from time to time pursuant to such provision.
The words and expressions used in this Draft Shelf Prospectus but not defined herein shall have, to the extent applicable, the same meaning ascribed to such words and expressions under the SEBI NCS Regulations, the Companies Act, 2013, the SCRA, the Depositories Act and the rules and regulations notified thereunder.
General Terms
Term | Description |
"Issuer" or "PFC" or "our | Power Finance Corporation Limited, a public limited company incorporated under the |
Company" or "the Company" | erstwhile Companies Act, 1956, having its CIN L65910DL1986GOI024862 and |
having its registered office and corporate office situated at "Urjanidhi", 1, Barakhamba | |
Lane, Connaught Place, New Delhi 110 001. | |
We/ us / our | Unless the context otherwise indicates or implies, refers to our Company. |
"Promoter" | The President of India acting through the Ministry of Power, Government of India |
Company Related Terms |
Term | Description |
"Articles" or "Articles of | Articles of Association of our Company |
Association" or "AOA" | |
Audit Committee | Audit committee of the Board of Directors of our Company, constituted in accordance |
with applicable laws and as reconstituted by board resolution dated July 18, 2022 by | |
Board of Directors of the Company. | |
"Auditors" or "Statutory | The current joint statutory auditors of our Company, namely, M/s Prem Gupta & |
Auditors" or "Joint Statutory | Company, Chartered Accountants and M/s Dass Gupta & Associates, Chartered |
Auditors" | Accountants. |
"Board" or "Board of | Board of Directors of our Company and includes any duly constituted committee |
Directors" or "our Board" or | thereof |
"our Board of Directors" | |
Corporate Social Responsibility | Corporate Social Responsibility committee constituted by our Board of Directors and |
Committee | re-constituted by our Board of Directors by board resolution dated July 18, 2022, in |
accordance with applicable laws. | |
Committee | A committee constituted by the Board, and as reconstituted from time to time. |
Committee of ED | Committee of executive directors and head of units of related units headed by Director |
(Finance). | |
Compliance Officer of the | Mr. Manish Kumar Agarwal, Company Secretary |
Company | |
Corporate Office | "Urjanidhi", 1, Barakhamba Lane, Connaught Place, New Delhi 110 001 |
Directors | Directors of our Company |
Equity Shares | Equity shares of the Company of face value of ₹ 10 each |
ESOP(s) | Employee stock options |
Gross Stage 3 book | Also referred to as Gross NPA (post FLDG recovery) |
Gross Stage 3 (%) | Also referred to as Gross NPAs (post FLDG recovery) to Gross Advances % |
Group Company(ies) | Companies identified as group companies for the purpose of this Issue and as listed in |
the section "Our Group Companies" on page 177. | |
Independent Director(s) | The independent director(s) on our Board, in terms of Section 2(47) and Section 149(6) |
of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations | |
IPDS | Integrated Power Development Scheme. |
KMP / Key Managerial | Key managerial personnel of our Company as disclosed in this Draft Shelf Prospectus |
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Term | Description |
Personnel | and appointed in accordance with Section 203, as defined under Section 2(51) of the |
Companies Act, 2013 | |
"MoA" or "Memorandum" or | Memorandum of Association of our Company |
"Memorandum of Association" | |
Net Stage 3 (%) | Referred to as Net NPAs to Net Advances % |
Net Stage 3 | Referred to as Net NPA |
Nomination and Remuneration | Nomination and remuneration committee constituted by the Board of Directors and |
Committee | reconstituted by our Board of Directors by board resolution dated July 18, 2022, in |
accordance with applicable laws. | |
Networth | As defined in Section 2(57) of the Companies Act, 2013, as follows: |
"Networth means the aggregate value of the paid-up share capital and all reserves | |
created out of the profits, securities premium account and debit or credit balance of | |
profit and loss account, after deducting the aggregate value of the accumulated losses, | |
deferred expenditure and miscellaneous expenditure not written off, as per the audited | |
balance sheet but does not include reserves created out of revaluation of assets, write | |
back of depreciation and amalgamation." | |
PFCCL | PFC Consulting Limited |
PFCGEL | PFC Green Energy Limited |
PPL | PFC Project Limited |
PTC | PTC India Limited |
R-APDRP | Accelerated Power Development and Reforms Program |
Reformatted Financial | Reformatted Standalone Financial Information and Reformatted Consolidated |
Information | Financial Information |
Reformatted Standalone | The reformatted standalone balance sheet of our Company as at March 31, 2023, |
Financial Information | March 31, 2022 and March 31, 2021 and the reformatted standalone statement of profit |
and loss for the year ended March 31, 2023, March 31, 2022 and March 31, 2021 and | |
the reformatted standalone statement of changes in equity for the year ended March | |
31, 2023, March 31, 2022 and March 31, 2021 and the reformatted standalone | |
statement of cash flows for the year ended March 31, 2023, March 31, 2022 and March | |
31, 2021 and the related summary statement of significant accounting policies, as | |
examined by our Statutory Auditors. | |
Our audited standalone financial statements as at and for the year ended March 31, | |
2023, March 31, 2022 and March 31, 2021 prepared as per IND-AS, form the basis | |
for such reformatted Standalone Financial Information. | |
Reformatted Consolidated | The reformatted consolidated balance sheet of our Company as at March 31, 2023, |
Financial Information | March 31, 2022 and March 31, 2021 and the reformatted consolidated statement of |
profit and loss for the year ended March 31, 2023, March 31, 2022 and March 31, | |
2021 and the reformatted consolidated statement of changes in equity for the year | |
ended March 31, 2023, March 31, 2022 and March 31, 2021 and the reformatted | |
consolidated statement of cash flows for the year ended March 31, 2023, March 31, | |
2022 and March 31, 2021 and the related summary statement of significant accounting | |
policies, as examined by our Statutory Auditors. | |
Our audited consolidated financial statements as at and for the year ended March 31, | |
2023, March 31, 2022 and March 31, 2021 prepared as per IND-AS, form the basis | |
for such reformatted consolidated Financial Information. | |
Registered Office | The registered office situated at "Urjanidhi", 1, Barakhamba Lane, Connaught Place, |
New Delhi 110 001. | |
Risk Management Committee | Risk Management Committee constituted by the Board of Directors and reconstituted |
by Board of Directors vide board resolution dated December 17, 2022, in accordance | |
with applicable laws. | |
RoC/ Registrar of Companies | Registrar of Companies, Delhi and Haryana. |
RTA Master Circular | Securities and Exchange Board of India Master Circular for Registrars to an Issue and |
Share Transfer Agents' dated May 17, 2023, bearing reference number | |
SEBI/HO/MIRSD/POD-1/P/CIR/2023/70. | |
SEBI Delisting Regulations | Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, |
2 |
Term | Description |
2021, as amended from time to time. | |
Shareholders | The holders of the Equity Shares of the Company from time to time |
Stakeholders' Relationship | Stakeholders' Relationship Committee as constituted by the Board of Directors by |
Committee | board resolution dated July 18, 2022, in accordance with applicable laws. |
Subsidiaries | The subsidiaries of our Company namely, PFC Consulting Limited, REC Limited, |
REC Power Development & Consultancy Limited and PFC Projects Limited | |
Total Borrowing(s)/ Total Debt | Debt securities plus borrowings (other than debt securities) |
Issue Related Terms |
Term | Description |
Abridged Prospectus | A memorandum accompanying the application form for a public issue containing such |
salient features of the Shelf Prospectus and relevant Tranche Prospectus as specified | |
by SEBI | |
Acknowledgement Slip/ | The slip or document issued by any of the Members of the Consortium, the SCSBs, or |
Transaction Registration Slip/ | the Trading Members as the case may be, to an Applicant upon demand as proof of |
TRS | registration of his application for the NCDs. |
A.K. Capital | A.K. Capital Services Limited. |
Allotment Advice | The communication sent to the Allottees conveying the details of NCDs allotted to the |
Allottees in accordance with the Basis of Allotment | |
"Allotment", "Allot" or | Unless the context otherwise requires, the issue and allotment of NCDs to the |
Allotted | successful Applicants pursuant to the Issue |
Allottee(s) | The successful Applicant to whom the NCDs are Allotted either in full or part, |
pursuant to the Issue | |
"Applicant" or "Investor" | Any person who applies for issuance and Allotment of NCDs through ASBA process |
or through UPI Mechanism pursuant to the terms of this Draft Shelf Prospectus, the | |
Shelf Prospectus, the relevant Tranche Prospectus, the Abridged Prospectus, and the | |
Application Form for any Tranche Issue. | |
"Application" or "ASBA | An application (whether physical or electronic) to subscribe to the NCDs offered |
Application" | pursuant to the Issue by submission of a valid Application Form and authorising an |
SCSB to block the Application Amount in the ASBA Account or to block the | |
Application Amount using the UPI Mechanism, where the Bid Amount will be | |
blocked upon acceptance of UPI Mandate Request by retail investors for an | |
Application Amount of upto UPI Application Limit which will be considered as the | |
application for Allotment in terms of the Shelf Prospectus and the relevant Tranche | |
Prospectus. | |
Application Amount | The aggregate value of the NCDs applied for, as indicated in the Application Form for |
the respective Tranche Issue | |
Application Form / ASBA | Form in terms of which an Applicant shall make an offer to subscribe to NCDs through |
Form | the ASBA process or through the UPI Mechanism and which will be considered as the |
Application for Allotment of NCDs in terms of Shelf Prospectus and the relevant | |
Tranche Prospectus. | |
ASBA Account | An account maintained with a SCSB and specified in the Application Form which will |
be blocked by such SCSB to the extent of the Application Amount mentioned in the | |
Application Form by an Applicant and will include a bank account of a retail | |
individual investor linked with UPI, for retail individual investors submitting | |
application value upto UPI Application Limit | |
ASBA Applicant | Any Applicant who applies for NCDs through the ASBA process |
Banker(s) to the Issue | Collectively, Public Issue Account Bank, Refund Bank and Sponsor Bank as specified |
in the relevant tranche prospectus for each Tranche Issue | |
Base Issue Size | As specified in the relevant Tranche Prospectus for each Tranche Issue. |
Basis of Allotment | The basis on which NCDs will be allotted to applicants, as specified in the relevant |
Tranche Prospectus for each Tranche Issue. | |
Bidding Centres | Centres at which the Designated Intermediaries shall accept the Application Forms, |
i.e., Designated Branches of SCSB, Specified Locations for Members of the | |
Consortium, Broker Centres for Registered Brokers, Designated RTA Locations for | |
RTAs, and Designated CDP Locations for CDPs | |
Broker Centres | Broker centres notified by the Stock Exchange where Applicants can submit the |
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Power Finance Corporation Limited published this content on 06 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2023 22:23:03 UTC.
