Power Finance Corporation draws up mega fund-raising programme

High tension power lines on the outskirts of Visakhapatnam city.   | Photo Credit: C_V_Subrahmanyam

To borrow ₹ 57,000 crore in 2018-19 from different debt segments.

Power Finance Corporation has chalked out a ₹ 57,000-crore market borrowing programme for 2018-19.

The board of the company, which met on Monday, approved the borrowing programme for the year.

The board has also authorised the chairman and managing director of the company to approve the inter-changeability of the amount among different sources as cleared by it but within the overall limit of ₹ 57,000 crore.

The market borrowings will happen from time-to-time during the year with the approval of competent authority in line with the powers delegated.

The board cleared long-term borrowings to the tune of ₹ 20,750 crore, long-term foreign currency borrowings of ₹ 16,250 crore and short-term borrowings worth ₹ 20,000 crore. The short-term funds raised and repaid during the year would be excluded from this limit.