PFC withdraws Rs 20 billion zero-coupon bond issue
Power Finance Corporation Limited (PFC) has withdrawn its proposed zero-coupon bond issuance of up to Rs 20 billion due to weak investor demand and higher-than-expected yield quotes. The issuance was structured with a base size of Rs 5 billion and a green shoe option of Rs 15 billion. It received bids worth Rs 14.7 billion from 28 applications, with yields ranging between 6.20 per cent and 7.02 per cent. However, PFC decided not to proceed,…