BusinessLine twenty years ago today: PFC plans foray into new areas

| Updated on January 20, 2018

May 5, 1996

Enthused by its performance over the years in sanction and disbursement of loan assistance to State power utilities, the Power Finance Corporation (PFC) has drawn up a perspective plan to extend its operations to other related sectors in a major diversification drive and be in a position to release funds amounting to Rs. 5,000 crores to various beneficiaries by 1999-2000. Under the plan, ‘Vision 2000’, already operational for 1995-2000, although the corporation has been able to exceed its Rs. 2,000-crore target for loan sanctions in the first year (1995-96) by about Rs. 107 crores, fell short of its disbursement target marginally. Against the target of Rs. 1,000 crores for disbursement, PFC could manage to release funds worth around Rs. 881 crores only.

1:12 share ratio for GKW merger with Powmex Steels

The amalgamation of Powmex Steels Ltd with GKW Ltd envisages a swap ratio of one equity share of Rs. 10 each of GKW for every 12 equity shares of Rs. 10 each of Powmex. FIs have, in principle, approved the proposed amalgamation and agreed to the conversion of interest accrued up to September 30, 1995 in respect of loans advanced by them to Powmex. Then, shares issued by Powmex to FIs will be subject to the swap ratio of one GKW share of Rs. 10 each for every 12 shares of Rs. 10 each of Powmex.

Repolling in 511 booths today

Repolling will be held on Sunday in a record 511 polling stations in five States and Pondicherry with Bihar, the worst hit by incidents of violence, having fresh polling in 450 booths, the Election Commission said. While repoll will be held in 28 polling stations in UP for the second phase of elections conducted on May 2, Orissa would have fresh polls in 22 booths, West Bengal six, Tamil Nadu four and Pondicherry one.

Published on May 04, 2016

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