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Our Bureau

New Delhi , Jan 11

Power Finance Corporation (PFC) has obtained clearance from the SEBI and is likely to enter the capital market with its IPO on January 31.

"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 issue is likely to close on February 6.

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.

The PFC offer, which would be for 10.22 per cent fresh equity shares, is expected to enable the company to mop up around Rs 1,500 crore.

More Stories on : IPOs | Financial Institutions | Power

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