Published on Tue, Aug 21, 2007 at 09:12 | Source : Moneycontrol.com
Updated at Tue, Aug 21, 2007 at 14:03
Like this story, share it with millions of investors on M3
0
Like this story, share it with millions of investors on M3
PFC to invest Rs 1000cr in govt power cos via IPO
State-owned Power Finance Corporation on Monday said it has earmarked Rs 1,000 crore to pick up stake in public sector power companies by subscribing to a large share equity in the forthcoming IPOs.
State-owned Power Finance Corporation on Monday said it has earmarked Rs 1,000 crore to pick up stake in public sector power companies by subscribing to a large share equity in the forthcoming IPOs.
The board of directors in-principle approved the proposal to make Rs 1,000 crore investment in IPOs of central power sector undertakings, the company said in a filing to the Bombay Stock Exchange.
A committee of directors will later decide on number of shares to be applied for and timing of exit.
Separately, the Board granted an in-principle approval for being one of the promoters of a joint venture company for development of a power exchange along with NTPC, National Hydroelectric Power Corporation Ltd and National Commodity and Derivatives Exchange, it said.
The final investment decision would be made by the Board depending upon the analysis of a detailed project report, it said.
The board also approved formation of an advisory panel to facilitate accelerated investment in the power sector through equity participation from domestic and global investors for private power projects, it added.
The proposal for an IPO investment fund is part of a strategy finalised by PFC to raise resources for funding the requirements of the power sector, needing an estimated Rs 8,50,000 crore during the 11th Plan to add 68,869 MW of fresh generation capacity, reports The Economic Times.
