Business Daily from THE HINDU group of publications
Thursday, Dec 14, 2006
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Business Daily from THE HINDU group of publications Thursday, Dec 14, 2006 ePaper |
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Markets
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IPOs Industry & Economy - Power Our Bureau
Mumbai , Dec. 13 Power Finance Corporation Ltd has filed the draft red herring prospectus with the Securities and Exchange Board of India for its proposed initial public offering of shares. The issue size is 117,316,700 equity shares of Rs 10 each for cash at a price to be decided through the book building process. It would constitute approximately 10.22 per cent of the post issue fully diluted equity share capital of the corporation. The issue constitutes a reservation of up to 25,00,000 equity shares for corporation employees and a net issue of 114,816,700 equity shares to the public. "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," said Dr V.K. Garg, Chairman and Managing Director, in a statement issued to the media. The book running lead managers to the issue are Enam Financial Consultants Private Ltd, ICICI Securities and Kotak Mahindra Capital Company Ltd.
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