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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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Power Finance Corporation's proposed follow-on public offer is likely to hit the markets in the first quarter of the next fiscal.
The company is currently working on the Draft Red Herring Prospectus and has appointed four merchant bankers — Goldman Sachs, JM Financial, DSP Merill Lynch and ICICI Securities — to manage the issue.
“Goldman Sachs, JM Financial, DSP Merill Lynch and ICICI Securities have been chosen to handle the issue,” PFC's Chairman and Managing Director, Mr Satnam Singh, told reporters here.
Earlier this month, the Cabinet Committee on Economic Affairs had approved the follow-on issue of PFC.
The issue entails a 5 per cent disinvestment of Government's shareholding in PFC and the company raising 15 per cent fresh equity. While the issue is expected to garner upwards of Rs 5,600 crore based on the current market price of the stock, the exact amount can be firmed up only after a meeting of the Empowered Group of Ministers (EGOM) shortly to decide on the offer price.
On the status of the issue, Mr Singh said, “We are still working on the Draft Red Herring Prospectus…. The issue is likely to hit the markets in the first quarter of the next financial year.”
The Government currently holds 89.78 per cent stake in the public sector company. After the proposed issue, the Centre's stake is expected to go down to about 85 per cent.
PFC had earlier divested 10 per cent stake through an initial public offering in 2007.
Mr Singh also said the company's board has given the nod for the setting up of PFC Capital Services Ltd into a separate subsidiary, which will focus on advising merger and acquisition.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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