PFC plans for IPO, files prospectus with ROC

Mumbai, Jan 15 (UNI) Power Finance Corporation Ltd (PFC), a leading power sector public financial institution, has filed its Red Herring Prospectus with the ROC (Registrar of companies) for its forthcoming initial public offer.

PFC is offering 117,316,700 equity shares of Rs 10 each to the public, through a 100 per cent book building process, a PFC press release here said.

The Issue comprises reservation of 2,500,000 equity shares for subscription by the employees of the Company and a net issue to the Public of 114,816,700 shares. The company has set the price band at Rs 73 to Rs 85. The Issue will open on January 31, 2007, and close on February six, 2007.

The Issue would constitute 10.22 per cent of the fully diluted post-issue capital of the Company.

The objects of the Issue are to augment the Company's capital base to meet the future capital requirements arising out of growth in the Company's assets.

Enam Financial Consultants, ICICI Securities and Kotak Mahindra Capital are the Book Running Lead Managers to the Issue and Karvy Computershare is the Registrar to the Issue.

UNI