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Buoyed by a robust topline growth, state-owned lending agency Power Finance Corporation (PFC) posted a 17 per cent increase in its net profit at Rs 658.8 crore for the quarter ended December 31, 2010.
Total income of the company increased 27 per cent to Rs 2,581 crore crore for the quarter ended December 31, 2010. Shares of the lending firm closed at Rs 272.45, down 1.96 per cent on the BSE.
PFC, which is engaged in financing power generation, transmission and distribution projects, is slated to come up with a follow-on offer to raise about Rs 7,000 crore in May, this year.
The proposal envisages a 15 per cent fresh equity and five per cent disinvestment of government stake in the company. At present, the government holds 89.78 per cent stake in the firm.
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