Power Finance Corporation on Monday filed draft prospectus with the market regulator Securities and Exchange Board of India for public offering and divesting five per cent government stake.
PFC is offering an aggregate of up to 154,567,500 equity shares of Rs 10 each for cash at a price to be decided through the book building process, company said in a statement. The offer comprises up to 103,045,000 equity shares and an offer for sale up to 51,522,500 equity shares by the government, it added.
"The issue would constitute approximately 13.64 per cent of the post issue fully diluted equity share capital of PFC," it added.
PFC has proposed to reserve up to 2,576,125 equity shares for allotment to its employees.
"The issue will help us augment our capital base to meet the future capital requirements arising out of growth in our assets, primarily our loan and investment portfolio due to the growth of the Indian economy," PFC CMD V K Garg said after filing the Draft Red Herring Prospectus with Sebi.
PFC has appointed Enam Financial Consultants Private Limited, ICICI Securities Ltd and Kotak Mahindra Capital Company Ltd as book running lead managers to the issue.
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