The Central Government on Thursday approved the follow-on public (FPO) offer of the state-run lending agency Power Finance Corporation worth about Rs.5,732 crore.
The exact amount to be raised through the offer can be ascertained only after the Empowered Group of Ministers (EGoM) decides the offer price.
“The Cabinet Committee on Economic Affairs (CCEA) today [Thursday] approved the follow on public offer of PFC,” an official statement said here. The company will also infuse 15 per cent fresh equity by issuing 17.21 crore shares of Rs.10 each, the statement added.
Meanwhile, sources said the FPO was likely to hit the markets in the first quarter of next financial year. The company had earlier divested 10 per cent stake through an IPO in 2007. — PTI