PFC follow-on

Power Finance Corp prices share sale at top to raise $1 billion

Power Finance Corp replenishes its capital base by selling new shares, while the government divests a 5% stake.
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Power, anyone? (AFP)
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<div style="text-align:left;"> Power, anyone? (AFP) </div>

Power Finance Corp PFC, an Indian government-controlled company that provides financing and advisory services for power projects, has sold approximately Rs45.8 billion $1 billion worth of shares after pricing its follow-on public offering at the top end of the range.

The deal will result in about $250 million of gross proceeds for the government, which sold a 5% stake as part of the offering. The rest of the shares were new. Including the dilution, the government’s stake will fall to 73.7% from 89.8%.

The offering was pretty well received, despite a renewed sell-off in financial stocks since early April amid concerns about rising interest rates and...

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