Power Finance Corporation's IPO to open on Jan 31

By Staff
|
Google Oneindia News

Bangalore, Jan 23: Public Sector Power Finance Corporation Limited, a leading power sector financial institution, is entering capital markets by offering 117,316,700 equity shares of Rs 10 each through 100 per cent book building process.

Speaking to newsmen here today Company Director (Projects) Shyam Wadhera said the issue opens on January 31 and closes on February 6.

The price band had been fixed at Rs 73 to Rs 85, he added. The objects of the issue were to augment the company's capital base to meet the future capital requirements arising out of growth in the company's assets, he explained.

Replying to queries he said pwoer sector needed to grow at the rate of 11 per cent to 12 per cent if the country were to achieve Gross Domestic Product of 9 per cent to 10 per cent. There was a huge potential for the power sector to grow in this regard, he added.

He said the sector had made strident progress in last few years which led to the formation of the Electricity Act paving way for delicensing of power generation and setting up of regulatory Commissions at the state level to settle disputes.

He said the company was also appointed a nodal agency by the centre for implementation of nine Ultra Mega Power Projects, four in North and five in coastal areas, each aimed generating 4100 MW power. It would also be involved in setting up of lage transmission projects across the country, he added.

He said the company planned to provide a financial assistance Rs 12,000 crore to various projects during the year.

UNI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X