| Log in

Power Finance Prices Share Sale at Top End of Range

16 May, 2011

India’s Power Finance Corporation priced its share sale at 203 rupees a share, the top end of the price range, the company said on Saturday.

The company’s share sale to raise upto $1 billion was subscribed 4.3 times on its last day, with the strong show likely to improve prospects for upcoming share sales amid a volatile equity market. Retail investors and eligible employees will get a further 5 percent discount on the issue price, the company said in a statement.

Power Finance, a lender to power projects, is selling 15 percent in fresh equity shares through the offer, while the Indian government will divest a 5 percent stake in the firm.

The offer is part of the Indian government’s plan to raise $8.9 billion through share sales in public sector firms this fiscal year (April-March) to cut a high fiscal deficit and garner funds for schemes for the poor. 

 


Leave Your Comment
Power Finance's $1.2B Share Sale On May 10

Power Finance’s $1.2B Share Sale On May 10

Reuters 7 years ago
Indian state-run Power Finance Corporation Ltd will launch its share sale on May...
Indian Oil Share Sale To Raise $4.4B

Indian Oil Share Sale To Raise $4.4B

Reuters 7 years ago
State-run Indian Oil Corp aims to raise $4.4 billion in January through a follow...
Govt Stake Sales To Please Market; No Deficit Cure

Govt Stake Sales To Please Market; No Deficit Cure

Reuters 8 years ago
Indian power firm NHPC Ltd will kick off a $1.25 billion IPO next week in the...
No Comments

Power Finance Prices Share Sale at Top End of Range

Powered by WordPress.com VIP