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.