Power Finance Corporation’s (PFC) board has approved the Draft Red Herring Prospectus (DRHP) for the proposed Further Public Offer (FPO) comprising of a fresh issue of 17,21,65,005 equity shares (constituting 15% of the pre issue paid up capital) by the company and an offer for sale of 5,73,88,335 equity shares (constituting 5% of the pre issue paid up capital) by the President of India, acting through the Ministry of Power, Government of India.
The approval was granted at its board meeting held on March 17, 2011.
PFC is also planning to raise Rs 5,300 crore through the public issue of tax saving infrastructure bond that opened on February 24. The issue closes on March 22, 2011. It is also planning to set up a wholly-owned subsidiary under the name PFC Green Energy for the renewable energy sector, in a couple of weeks.
PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.
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