PFC to raise 6000 crores by Offer for Sale

Power Finance Corporation today filed draft papers with Security and Exchange Board of India  to raise around Rs 6,000 crore. PFC would be coming out with an offer for sale of 22.95 crore equity shares of face value of Rs 10 each. This would include fresh issue of over 17.21 crore equity shares and an offer for sale of about 5.74 crore equity shares.  The estimated Rs 6,000 crore public issue of the state- run lending agency is likely to hit the market sometime in May.With this PFC would be the first PSU to hit the capital market in 2011-12. Having divested about 10 % in the IPO in 2007, the government currently holds around 90 per cent stake in PFC.