Govt to sell 5% stake in PFC
NEW DELHI: Putting disinvesment back on track, government has decided to sell 5% stake in power finance corporation (PFC) in tandem with the power PSU’s initial public offer that would raise up to Rs 1,500 crore.
“The government will ride piggyback on the PFC IPO to disinvest 5% stake. The cabinet has approved the proposal,”power secretary RV Shahi said on the sidelines of a seminar here on Tuesday.
As such PFC is expected to hit the market in the next 3-4 months to float fresh equity of 10% through its maiden public issue of 10.3 crore new shares. “It will be like the NTPC offer,”he said, adding the company will issue 10% fresh equity.
Asked what is the amount likely to be raised, he declined to comment. However, sources said it could be in the range of Rs 1,000 crore to Rs 1,500 crore.
PFC, a non-banking finance company for the power sector, will only be the second public-sector power firm to get listed on the bourses after NTPC.
SOURCE:THE TIMES OF INDIA
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