Power Finance Corporation files DRHP with SEBI

New Delhi, Dec 11 (UNI) Public financial institution, Power Finance Corporation Ltd (PFC) has today filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to enter the capital markets with an initial public offering of its equity shares.

The Government had conveyed its approval on November 30, 2006 for a public issue of up to 11,73,16,700 equity shares of Rs 10 each for cash at a price to be decided through the book building process, which would constitute about 10.22 per cent of the post issue equity share capital of PFC.

''The issue will help us to augment our capital base to meet the future capital requirements arising out of growth in our loan assets, which is growing steadily due to the growth of the Indian economy,'' said PFC Chairman and Managing Director V K Garg.

PFC has proposed to reserve up to 25,00,000 equity shares for allotment to its employees and the net issue to public is 11,48,16,700 equity shares.

The book running lead managers to the issue are Enam Financial Consultants Private Ltd, ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd.

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