For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Power Finance Corporation dips as stake sale begins

By Religare
|

Shares of Power Finance Corporation fell on Bombay Stock Exchange (BSE) as the company's share sale programme for diluting 5 per cent of government's stake at Rs 254 a share commenced today. The floor price of a share is at a discount of 2.14 per cent over yesterday's closing price of Rs 259.55. The government proposes to sell up to 66 million equity shares of the face value of Rs 10 each representing 5 per cent of the total equity share capital of the company through offer-for-sale (OFS) route.

 

Reacting to the news, shares of company dropped 0.31 per cent in intra-day trade to Rs 258.70 apiece on the BSE.

In a similar trend, shares of the company dipped 0.27 per cent to Rs 258.85 a piece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 27,829.54, down 282.77 points, or 1.01 per cent at 11.30 hours.

Story first published: Monday, July 27, 2015, 12:40 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more