Power Finance Corporation (PFC), announced that for the purpose of raising external commercial borrowing up to USD 1 billion, the company has mandated Barclays Bank PLC, Standard Chartered Bank and SBICAPS (Singapore) to organize meetings with proposed investors in relation to issue of the Notes.

The proceeds of the Notes, if and when issued, will be utilized for on-lending to the company's borrowers in the power sector in rupee and, or foreign currency, in accordance with the rules and regulations framed by the Reserve Bank of India. The offering of the Notes may follow, subject to market conditions.

Shares of the company gained Rs 1.2, or 0.46%, to trade at Rs 263.10. The total volume of shares traded was 70,302 at the BSE (1.52 p.m., Tuesday).