Satnam Singh, Chairman, PFC said, "We are looking to buy a substantial stake in a PSU (public sector unit) bank which will allow us to have a representation at the board level,"
Government-owned power sector lender Power Finance Corp Ltd
"We are looking to buy a substantial stake in a PSU (public sector unit) bank which will allow us to have a representation at the board level," the company's Managing Director Satnam Singh told reporters.
The state-run lender for power projects has sent a letter to the power and the finance ministries expressing its interest in buying a stake in any state-run bank a month ago, Singh said.
Indian power utilities have struggled to build new plants, as projects get mired in red tape or suffer acute supply shortages of coal or gas.
"To begin with, it (the private equity fund) will be of USD 300 million and eventually, it will be a USD 1 billion fund," he said.
Earlier, the company posted a 58.19 percent rise in quarterly net profit from a year earlier.
Power Finance stock price
On October 30, 2014, Power Finance Corporation closed at Rs 277.05, down Rs 1.3, or 0.47 percent. The 52-week high of the share was Rs 344.20 and the 52-week low was Rs 129.00.
The company's trailing 12-month (TTM) EPS was at Rs 42.94 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 6.45. The latest book value of the company is Rs 207.38 per share. At current value, the price-to-book value of the company is 1.34.
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