Power Finance sets Rs73-85 price band for IPO

12 January 2007

Mumbai: Power Finance Corporation Limited (PFC) has set a price band of Rs73-85 a share for its initial public offer (IPO) of 117.3 million shares.

PFC has obtained clearance from the Securities Exchange Board of India (SEBI) and the issue would open January 31 and close on February 6.

"We have received the go-ahead from the SEBI for the IPO. It may hit the market on January 31," a PFC official said.

The official, however, did not give the likely price band or how much the company plans to raise from the public offer. The non-banking finance company had filed its draft prospectus for the offer with the market regulator in December last year.

PFC is the first among four public sector power companies that would come out with an IPO over the next six months.

Late last year the Union Cabinet also permitted Power Grid Corporation, Rural Electrification Corporation and National Hydroelectric Power Corporation to tap the market.