Shares of Power Finance Corp may face pressure on Wednesday, as the stock turns ex-dividend. The board of directors had approved ₹8.50 a share as interim dividend for 2014-15. The PSU major will start disbursing the payments from March 13. Beginning Wednesday, the share price will reflect the dividend payout. Those buying the shares will not be eligible to receive the payment. Meanwhile, the Coal India stock which turned ex-dividend (₹20.70/share) on Tuesday, reacted sharply.

Stake sale in L&T Finance Holdings

The stock of L&T Finance Holdings will remain in focus, as Larsen & Toubro offloaded one crore shares at ₹67.61 apiece. HDFC Mutual bought the shares for its HDFC Top 200 Fund. The fund, which was launched in September 1996, gave a return of 56.55 per cent during the one-year period, and 21.19 per cent and 15.4 per cent for the three-year and five-year periods. L&T currently holds 128.9 crore shares (74.97 per cent) in L&T FH. The stake sale will not have any impact on L&T’s holding.

Zee Media board meets to discuss rights issue

The board of directors of Zee Media Corporation will meet on Wednesday to consider a rights issue of shares, and to decide on the record date for determining the eligible shareholders. The board had earlier approved raising funds for an amount not exceeding ₹200 crore through the issue. The funds will be used towards purchase of equipment and accessories for production and broadcasting, repayment of certain loans, funding subsidiaries for repayment of loans, and other purposes.

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