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Anil Sasi

New Delhi , Jan. 12

State-owned Power Finance Corporation has set a price band of Rs 73-85 a share for its proposed initial public offering, Government sources said. The issue would open on January 31 and close on February 6. The PFC offer entails an issue of 117.3 million shares, which is equivalent to 10.22 per cent of the post-issue capital of the company.

Enam Financial Consultants Private Ltd, ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd are the lead managers to the PFC issue.

PFC is the first among four public sector power companies that bagged Cabinet clearance in November last year to go ahead with their IPO plans. The Union Cabinet had also permitted Power Grid Corporation of India Ltd (PGCIL), Rural Electrification Corporation (REC) and National Hydroelectric Power Corporation to tap the market. The three issues are expected to hit the market in the first half of the next fiscal.

In case of PGCIL, the issue would be in trances up to 24 per cent of the paid-up capital of the company, with the first tranche likely to be around 10 per cent. In the case of REC, the public offering would entail issuance of 156 million shares, which is about 20 per cent of equity capital of the company.

More Stories on : IPOs | Power

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