PFC files revised prospectus with Sebi

Power Finance Corporation Ltd today filed its revised prospectus with the Securities and Exchange Board of India for its initial public offering.

The state-run lending agency submitted its draft red herring prospectus for an IPO of up to 11.73 crore equity shares, representing 10.22 per cent of the post-issue share capital. The IPO was likely to hit the market on January 15-20 and the company could raise about Rs 1,000-1,200 crore, market sources said.

"The issue will help us augment our capital base to meet future capital requirements arising out of growth in our loan assets. Listing will increase our market visibility and support future growth," Power Finance Corporation Chairman & Managing Director VK Garg said in a statement.

The Union Cabinet had approved Power Finance Corporation's IPO on November 23. This is the company's second attempt to hit the market.

Its first attempt was aborted as the government went back on its decision to disinvest 5 per cent in the company, along with the IPO, following stiff opposition from its allies.