PFC's share price band for follow-on offer fixed at Rs193-203

The empowered group of ministers (EGoM) of the Government of India has finalised a floor price of Rs193 and a cap of Rs203 for the follow-on public offer of Power Finance Corporation Ltd.

The EGoM, at its meeting today, also decided to offer a discount of 5 per cent on the issue price to retail individual bidders and eligible employees who apply for allotment of shares out of the quota reserved for them.  

PFC, a `Mini-Ratna Category-I public sector undertaking, is selling 229,553,340 equity shares of face value of Rs10 each in its follow-on public offer.

PFC has already appointed Adfactors Advertising as the advertising agency for its FPO. The agency has been mandated with the advertisement / publicity-related assignments for FPO.

PFC is a notified financial institution dedicated to power sector financing and is registered as a non-banking financial company with the Reserve Bank of India (RBI).
 
PFC provides products and services like project term loans, equipment lease financing, discounting of bills, short-term loans and consultancy services etc for various power projects in the generation, transmission and distribution sector as well as for renovation and modernisation of existing power projects.

PFC also engages itself in exploiting new opportunities available in the area of consortium lending, lending to capital equipment manufacturers and fuel supply projects and related infrastructure development projects, renewable energy and CDM, and equity funding.

In addition, PFC also provides technical, advisory and consultancy services related activities through its subsidiary company namely PFC Consulting Limited.

PFC is also the designated nodal agency for development of Ultra Mega Power Projects (UMPPs), with a capacity of at least 3,500 MW each under tariff based competitive bidding route.