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Our Bureau

New Delhi , Dec. 19

State-owned Power Finance Corporation's proposed initial public offering is likely to be launched by February, the Power Secretary, Mr R.V. Shahi, said on Tuesday.

PFC plans to sell 10.22 per cent of its post issue capital of 117 million shares to the public through the IPO. The Government currently holds 100 per cent 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 Ltd (PGCIL), besides PFC, to tap the market to raise capital for expansion. "IPOs of other three companies will take place in March-April," Mr 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 per cent fresh equity in the market, he added.

More Stories on : IPOs | Power

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