Power Finance aims for $225 million IPO

The financing company owned by the Indian government announces funding plan as the Mumbai benchmark index sets a new record.

State-owned Power Finance Corporation has confirmed its intention to raise up to $225 million from the first sizeable initial public offering in the Indian market this year.

The announcement came as the Mumbai benchmark index closed at a new record high after it finished above 14,000 points for the first time on Friday. The resumption of the upward trend in the secondary market after about a month of volatile trading may help instil confidence with regard to new issuance, although...

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