PFS secures Rs 300-cr term loan from SBI to fund biz plans

New Delhi, Jul 3 () PTC India Financial Services Ltd (PFS) on Friday said it has secured a Rs 300 crore term loan from State Bank of India, to meet its business growth needs.

The money will be utilised for further strengthen the cash flow of the company and for onward funding to sustainable infrastructure finance projects, PFS said in a release.

SBI has sanctioned us a term loan - working capital augmentation (TLWC) of Rs 300 crore with a door-to-door tenor of three years, including a moratorium of six months, with sub-limit of Rs 300 crore as investment limit for investment in commercial papers/non-convertible debentures/bonds within the overall TLWC limit, it said in a release.

SBI has already given credit lines of Rs 1,400 crore to the company and now with current sanction their exposure will increase to Rs 1,700 crore and it will further diversify company's sources of borrowings, PFS said.

PFS proposes to have further alternate sources of financing like ECB, commercial paper, bonds, etc for which advance progress has already been made. KPM MKJ