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Govt to offload 5% stake in Power Finance Corp

By Religare
|

The central government has set a floor price at Rs.254 per equity share for divestment of 5 percent of its stake in Power Finance Corp (PFC) on Monday.

"The floor price of the offer shall be Rs.254 per equity share of Power Finance Corporation (PFC)," the company said in a stock exchange filing.

The government holds 72.80 percent equity in the company, while the stake sale is expected to garner around Rs 1,600 crore.

 

The floor price of Rs 254 is at a discount of 2.14 percent over Friday's closing price of the stock at Rs 259.55.

PFC would be the second such sale this fiscal by the government after divesting stock in REC in April.

Meanwhile, Friday was also the deadline for merchant bankers and legal advisors, bidding for being appointed for the stake sale by the government in 10 public sector undertakings (PSUs), to submit their bids to the department of disinvestment (DoD).

The government has an ambitious disinvestment target of Rs 41,000 crore through stake sale in public sector units, and another Rs.28,500 crore through strategic stake sale by transfer of management control, during the current fiscal.

Story first published: Monday, July 27, 2015, 12:40 [IST]
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