Indian IPO

All details about Hot Indian Primary Market.

Tuesday, June 06, 2006

Power Finance Corp files DRHP with SEBI

Power Finance Corporation, a leading power sector public financial institution, has filed its draft red herring prospectus, DRHP, with the Securities & Exchange Board of India, Sebi to enter the capital markets with an initial public offering, IPO, of 154,567,500 equity shares of Rs 10 each for cash at a price to be decided through the book building process.

The offer comprises of a fresh issue of upto 103,045,000 equity shares and an offer for sale of up to 51,522,500 equity shares by the Government of India. The issue would constitute approximately 13.64% of the post issue fully diluted equity share capital of PFC.

PFC has proposed to reserve up to 2,576,125 equity shares for allotment to its employees and the net issue to public is 151,991,375 equity shares.

V KGarg, chairman and managing director of Power Finance Corporation, after filing the documents with SEBI said “The issue will help us augment our capital base to meet the future capital requirements arising out of growth in our assets, primarily our loan and investment portfolio due to the growth of the Indian economy. We are seeking to strengthen our capital base to support the future growth in our assets.”

The book running lead managers to the issue are Enam Financial Consultants Pvt Ltd, ICICI Securities and Kotak Mahindra Capital Company.


Post a Comment

<< Home