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State-run Power Finance Corporation is exploring opportunities for a formal entry into banking services.
“We are exploring opportunities to get into banking (services),” the Power Finance Corporation Director (Finance), Mr R. Nagarajan, told reporters here today.
The company will be appointing a consultant to study the feasibility of foraying into banking services and would decide on a plan based on the report.
“We are appointing a consultant to suggest whether we can put equity...,” he said.
Also, the company is yet to get “clearances” from the Ministry of Power for making equity investments in both private and public sector power projects.
“So far we have not made any equity investments. Currently, we are waiting for the Ministry of Power for its clearance”, he added.
Mr Nagarajan and other company officials were here to announce the company’s FPO to raise funds to the tune of Rs 4,700 crore at the upper end of the price band and Rs 4,400 crore at the lower end. The price band is fixed between Rs 193 and Rs 203 per equity share.
The FPO, which opens on May 10 and closes on May 13, comprises fresh issue of 17.21 crore equities. The Government holds about 89 per cent stake in PFC, after divesting 10 per cent through an initial public offering in March 2007.
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