Power Finance prices share sale at top end of range

Power Finance prices share sale at top end of range

Mumbai: Power Finance Corporation (PFC) priced its share sale at Rs203 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% discount on the issue price, the company said in a statement.

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

The offer is part of the 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.

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