PFC IPO opens on Jan 31

New Delhi, Jan 19 (UNI) State-run Power Finance Corporation Ltd (PFC) today said it will enter into the capital markets by February through an initial public offering (IPO) of its equity shares to the public, with a price band between Rs 73 to Rs 85.

The issue will open for subscription on January 31, 2007 and close on Febraury 6, 2007.

PFC will offer 11,73,16,700 equity shares of Rs 10 each through 100 per cent book building process. The issue comprises a reservation of up to 25,00,000 equity shares for subscription by the employees of the company and a net issue to the public of 11,48,16,700 equity shares, a company statement said.

Meanwhile, power secretary R V Shahi has expected the proposed IPO to be successful like PTC and NTPC.

After PFC, Mr Shahi said IPOs of other central public sector undertakings like National Hydro Eletric Power Corporation (NHPC), PowerGrid Corporation, Rural Electricity Corporation (REC), North Eastern Electric Power Corporation (NEEPCO) would also hit the market during 2007-08.

The issues of PFC and other undertakings will constitute 10.22 per cent each fully diluted post issue capital of these companies.

UNI