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Wednesday, December 20, 2006

PFC public float in February

State-owned Power Finance Corporation's proposed initial public offering, IPO is likely to be launched by February, the Power Secretary, R.V Shahi, said, reports The Hindu Business Line.

PFC plans to sell 10.22% of its post issue capital of 117 million shares to the public through the IPO. The Government currently holds 100% equity in PFC. The Union Cabinet earlier gave its go-ahead to Rural Electrification Corporation, REC, National Hydroelectric Power Corporation, NHPC and Power Grid Corporation of India, PGCIL, besides PFC, to tap the market to raise capital for expansion. "IPOs of other three companies will take place in March-April," Shahi told reporters at the sidelines of an energy seminar here.

He also said that North Eastern Electric Power Company, NEEPCO, which is also completely owned by the government, is also planning to launch an IPO.

"We have sent the proposal to the Cabinet for approval," he said. NEEPCO, which executes power projects in the country's North Eastern States, would offer 10% fresh equity in the market, he added.


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