State-run Power Finance Corp (PFC) will raise around Rs 4,700 crore through a follow-on-public offer (FPO) which is the
first divestment by the government in the current financial year.
Finance Minister Pranab Mukherjee had announced plans to
raise Rs 40,000 crore through divestment programme in financial year 2011-12.
The price band at Rs 193-203 per share has been fixed for the PFC issue, which opens on Tuesday. The firm - a Navratna financial institution that lends to power projects - is offering a discount of 5 per cent in the issue price to retail bidders and eligible employees.
The offer will open on May 10 and close on May 13. It comprises a fresh issue of 17,21,65,005 equity shares and an offer for sale of 5,73,88,335 equity shares by the government that holds about 89 per cent stake in PFC.
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