POWER FINANCE CORPORATION LIMITED Tranche I Prospectus
Dated July 17, 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-deposit taking non-banking financial 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" on page 19 of this Tranche I Prospectus and "History and Main Objects" on page 153 of the Shelf Prospectus.
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 THE COMPANY OF UPTO 5,00,00,000 NCDs SECURED, RATED, LISTED, REDEEMABLE, NON-CONVERTIBLE DEBENTURES OF FACE VALUE ` 1,000 EACH ("NCDs"), FOR AN AMOUNT AGGREGATING UP TO ` 500 CRORE ("BASE ISSUE SIZE") WITH A GREEN SHOE OPTION OF ` 4,500 CRORE AMOUNTING TO
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5,000 CRORE ("TRANCHE I ISSUE LIMIT") ("TRANCHE I ISSUE") WHICH IS WITHIN THE SHELF LIMIT OF ` 10,000 CRORE AND IS BEING OFFERED BY WAY OF
THIS TRANCHE I PROSPECTUS DATED JULY 17, 2023 CONTAINING INTER ALIA THE TERMS AND CONDITIONS OF TRANCHE I ISSUE ("TRANCHE I PROSPECTUS"), WHICH SHOULD BE READ TOGETHER WITH THE SHELF PROSPECTUS DATED JULY 17, 2023 ("SHELF PROSPECTUS") FILED WITH THE ROC, STOCK EXCHANGE AND SECURITIES AND EXCHANGE BOARD OF INDIA ("SEBI"). THE SHELF PROSPECTUS AND THIS TRANCHE I PROSPECTUS CONSTITUTES THE PROSPECTUS ("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 MASTER 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 of the Shelf Prospectus.
GENERAL RISKS
Investment in non-convertible securities is risky 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. For taking an investment decision, investors must rely on their examination of the Tranche I Issue including the risks involved in it Specific attention of the Investors is invited to the chapters "Risk Factors" on page 19 of the Shelf Prospectus and "Material Developments" on pages 48 of this Tranche I Prospectus 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 Tranche I 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 70.
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 Tranche I Prospectus and shall remain valid on date of issue and Allotment of the NCDs and the listing of the NCDs on Stock Exchange until the ratings are revised or withdrawn. 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 Tranche I Prospectus.
LISTING
The NCDs offered through this Tranche I Prospectus 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. DCS/BM/PI-BOND/007/23-24 dated July 14, 2023. BSE shall be the Designated Stock Exchange for the Issue..
PUBLIC COMMENTS
The Draft Shelf Prospectus dated July 6, 2023 was filed with BSE, pursuant to the provisions of the SEBI NCS Regulations and was kept open for public comments for a period of seven working days from the date of filing of the Draft Shelf Prospectus with the Stock Exchange i.e. up to 14 July, 2023 (until 5:00 p.m.). No comments were received on the Draft Shelf Prospectus till 5:00 p.m. on July 14, 2023.
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 | KFIN Technologies Limited | |
7th Floor, Cnergy | 603, 6th Floor, Windsor | Limited | A 401/402, Lotus Corporate Park | Private Limited | Selenium Tower B | |
Appasaheb Marathe Marg | Off CST Road, Kalina | (formerly known as Edelweiss | Jai Coach Junction | 109/110, Balarama, | Plot 31-32, Gachibowli | |
Prabhadevi, | Santacruz (East), | Securities Limited) | Off Western Express Highway | Bandra Kurla Complex, | Financial District Nanakramguda | |
Mumbai - 400 025 Maharashtra, | Mumbai - 400 098 | 8th Floor, Wing A, Building No 3 | Goregaon (East), | Bandra (East), | Serilingampally, | |
India | Maharashtra, India | Inspire BKC, G Block, | Mumbai - 400 063 Maharashtra, | Mumbai - 400 051 | Hyderabad | |
Tel: +91 22 6630 3030 | Tel: +91 22 6754 6500 | Bandra Kurla Complex, | India | Maharashtra, India | Rangareddi - 500 032 | |
Fax: +91 22 6630 3330 | Fax: +91 22 6610 0594 | Bandra East, Mumbai - 400 051 | Tel: +91 22 66481818 | Tel: +91 22 4084 5000 | Telangana, India | |
E-mail: Pfc.bondissue2023@ | Email: pfc.ncd2023@akgroup. | Tel: +91 22 4009 4400 | Fax: +91 22 67341697 | Fax: +91 22 4084 5066 | Tel: +91 40 6716 2222 | |
jmfl.com | co.in | Fax: NA | Email: | Email: Projectsamridhi.Trust@ | Fax: +91 40 6716 1563 | |
Investor Grievance Email: | Investor Grievance Email: | Email: Pfc.ncd@nuvama.com | pfcncd2023@smccapitals.com | trustgroup.in | Email: pfcl.ncdipo@kfintech. | |
grievance.ibd@jmfl.com | investor.grievance@akgroup. | Investor Grievance Email: | Investor Grievance Email: | Investor Grievance Email: | com | |
Website: www.jmfl.com | co.in | Customerservice.mb@nuvama. | investor.grievance@smccapitals. | customercare@trustgroup.in | Website: www.kfintech.com | |
Contact Person: Prachee Dhuri | Website: www.akgroup.co.in | com | com | Website: www.trustgroup.in | Contact Person: M. Murali | |
Contact person: Saswat | Website: www.nuvama.com | Website: www.smccapitals.com | Contact Person: Sumit Singh | Krishna | ||
Mohanty / Chaitali Chopdekar | Contact Person: Lokesh Singhi/ | Contact person: Aastha Khanna | ||||
Saili Dave | / Bhavin Shah | |||||
DEBENTURE TRUSTEE | CREDIT RATING AGENCIES | STATUTORY AUDITORS | ||||
Beacon Trusteeship Limited* | CRISIL Ratings Limited | CARE Ratings Limited | ICRA Limited | Dass Gupta & Associates | Prem Gupta & Company | |
4 C&D, Siddhivinayak Chambers | CRISIL House, Central Avenue | 4th Floor, Godrej Coliseum | Electric Mansion, | Chartered Accountants | Chartered Accountants | |
Gandhi Nagar, | Hiranandani Business Park Powai, | Somaiya Hospital Road | 3rd Floor Appasaheb Marathe Marg | NDG Center, B-4 | 2342, Faiz Road | |
Opp. MIG Cricket Club | Mumbai - 400 076 Maharashtra, | Off Eastern Express Highway, | Prabhadevi, | Gulmohar Park | Karol Bagh | |
Bandra (East), Mumbai - 400 051 | India | Sion (East), Mumbai - 400 022 | Mumbai - 400 025 | New Delhi - 110 049, India | New Delhi - 110 005, India | |
Maharashtra, India | Tel: +91 22 3342 3000 (B) | Maharashtra, India | Maharashtra, India | Tel: +91 11 4611 1000 | Tel: +91 11 4507 0187 | |
Tel.: +91 22 26558759 | Email: crisilratingdesk@crisil.com | Tel: +91 22 67543456 | Tel: +91 22 6114 3406 | Email: admin@dassgupta.com | Email: office@pguptaco.com | |
Email: contract@beacontrustee.co.in | Website: www.crisilratings.com | Email: Neha.kadiyan@careedge.in | Email: shivakumar@icraindia.com | Contact Person: CA Naresh Kumar | Contact Person: CA Shakun Gupta | |
Website: www.beacontrustee.co.in | Contact Person: Ajit Velonie | Website: www.careratings.com | Website: www.icra.in | |||
Contact Person: Kaustubh Kulkarni | Contact Person: Neha Kadiyan | Contact Person: L. Shivakumar | ||||
ISSUE PROGRAMME** | ||||||
Tranche I Issue opens on: FRIDAY, JULY 21, 2023 | Tranche I Issue Closes on: FRIDAY, JULY 28, 2023 |
- 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 the Draft Shelf Prospectus, Shelf Prospectus, and this Tranche I Prospectus and in all the subsequent periodical communications to be sent to the holders of the NCDs issued pursuant to the Issue.
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This Tranche I 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 this Tranche I Prospectus. Our Company may, in consultation with the Lead Managers, consider closing the Tranche I 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 this Tranche I Issue and subject to not exceeding thirty days from filing the
Tranche I 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 this Tranche I 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 Tranche I Issue has been given on or before such earlier or initial date of Tranche I Issue closure. On the Tranche I 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 Tranche I Issue Closing Date. For further details please refer to the section titled "General Information" on page 19.
A copy of the Shelf Prospectus and this Tranche I 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 134.
TABLE OF CONTENTS | |
CERTAIN CONVENTIONS, USE OF FINANCIAL, INDUSTRY AND MARKET DATA AND CURRENCY | |
OF PRESENTATION | 14 |
FORWARD-LOOKING STATEMENTS | 17 |
SECTION II - INTRODUCTION | 19 |
GENERAL INFORMATION | 19 |
STATEMENT OF POSSIBLE TAX BENEFITS | 30 |
OBJECTS OF THE ISSUE | 44 |
MATERIAL DEVELOPMENTS | 48 |
OTHER REGULATORY AND STATUTORY DISCLOSURES | 49 |
SECTION III - ISSUE RELATED INFORMATION | 70 |
ISSUE STRUCTURE | 70 |
TERMS OF THE ISSUE | 77 |
ISSUE PROCEDURE | 98 |
SECTION IV - MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION | 134 |
DECLARATION | 136 |
ANNEXURE A | 137 |
ANNEXURE B | 138 |
ANNEXURE C | 139 |
SECTION I - GENERAL
DEFINITIONS AND ABBREVIATIONS
This Tranche I 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 Tranche I 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 Tranche I 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" "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" | Company, Chartered Accountants and M/s Dass Gupta & Associates, Chartered | ||
Accountants. | |||
"Board" or "Board of | Board of Directors of our Company and includes any duly constituted committee | ||
Directors" or "our Board" | thereof | ||
or "our Board of Directors" | |||
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 | ||
Corporate | Social | Corporate Social Responsibility committee constituted by our Board of Directors and | |
Responsibility Committee | re-constituted by our Board of Directors by board resolution dated July 18, 2022, in | ||
accordance with applicable laws. | |||
Directors | Directors of the Company | ||
EESL | Energy Efficiency Services Limited | ||
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 of the Shelf prospectus. | |||
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 | |||
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Term | Description | |||
KMP / | Key | Managerial | Key managerial personnel of our Company as disclosed in this Tranche I Prospectus, | |
Personnel | as defined under Section 2(51) of the Companies Act, 2013 | |||
"Memorandum" | or | Memorandum of Association of our Company | ||
"Memorandum | of | |||
Association" or "MoA" | ||||
Net Stage 3 (%) | Referred to as Net NPAs to Net Advances % | |||
Net Stage 3 | Referred to as Net NPA | |||
Nomination | and | Nomination and remuneration committee constituted by the Board of Directors and | ||
Remuneration 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, March | ||
Financial Information | 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 | Risk Management Committee constituted by the Board of Directors and reconstituted | ||
Committee | by Board of Directors vide board resolution dated December 17, 2022, in accordance | |||
with applicable laws. | ||||
RoC/ | Registrar | of | Registrar of Companies, Delhi and Haryana. | |
Companies | ||||
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Term | Description | |
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, 2021, | |
as amended from time to time. | ||
"Senior | Management | Senior Management Personnel of our Company in accordance with definition of Senior |
Personnel" or "SMP" | Management in Regulation 2 (iia) of the SEBI NCS Regulations, as described in "Our | |
Management" on page 175 of the Shelf Prospectus. | ||
Shareholders | The holders of the Equity Shares 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 securities plus borrowings (other than debt securities) | |
Debt | ||
Issue related terms |
Term | Description | ||
Abridged Prospectus | A memorandum containing salient features of the Shelf Prospectus and this Tranche I | ||
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 | the Trading Members as the case may be, to an Applicant upon demand as proof of | |
Slip/ 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 allotment of NCDs to the successful | ||
Allotted | Applicants pursuant to this Tranche I Issue | ||
Allottee(s) | A successful Applicant to whom the NCDs will be/have been allotted either in full or | ||
part, pursuant to this Tranche I Issue | |||
"Applicant" or "Investor" | Any person who applies for issuance and Allotment of NCDs through ASBA process | ||
or "Bidder" or "ASBA | or through UPI mechanism pursuant to the terms of the Draft Shelf Prospectus, the | ||
Applicant" | Shelf Prospectus, this Tranche I Prospectus and Abridged Prospectus and the | ||
Application Form for Tranche I Issue | |||
"ASBA" or "Application | An application (whether physical or electronic) to subscribe to the NCDs offered | ||
Supported | by Blocked | pursuant to the Issue by submission of a valid Application Form and authorising an | |
Amount" or "Application" | SCSB to block the Application Amount in the ASBA Account or to block the | ||
or "ASBA Application" or | Application Amount using the UPI Mechanism, where the Bid Amount will be blocked | ||
"Application" or "Bid" | 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 this Tranche I Prospectus. | |||
Application | Amount/ | Bid | The aggregate value of the NCDs applied for, as indicated in the Application Form for |
Amount | this Tranche I Issue. | ||
Application | Form/ASBA | Form in terms of which an Applicant shall make an offer to subscribe to NCDs through | |
Form/ Bid cum Application | the ASBA process or through the UPI Mechanism and which will be considered as the | ||
Form | Application for Allotment of NCDs in terms of the Shelf Prospectus and this Tranche I | ||
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. | |||
Banker to the Tranche I | Collectively Sponsor Bank, Public Issue Account Bank and Refund Bank, being ICICI | ||
Issue | Bank Limited. | ||
Base Issue Size | ₹ 500 crore | ||
Basis of Allotment | The basis on which NCDs will be allotted to Applicants under the Tranche I Issue and | ||
as described in "Issue Procedure - Basis of Allotment" on page 129. | |||
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Power Finance Corporation Limited published this content on 18 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 July 2023 10:38:08 UTC.
