Power Finance IPO filing likely on Monday

Power Finance Corporation is likely to file the Draft Red Herring Prospectus (DRHP) for its proposed initial public offering (IPO) on Monday - 11 days after the cabinet approved the proposal.

The company will be offering 11.73 crore shares of which about 2% will be reserved for the 300-odd employees of the mini-ratna company.

The premium per share (with a book value of Rs 67) will be decided after a book-building process. The book-running lead managers of the issue are Enam Financial Consultants, ICICI securities and Kotak Mahindra Capital Company.

The actual offer is likely to hit the market within 5-6 weeks.

PFC reported total income of Rs 3,023 crore and net profit of Rs 975 crore for the year ended March 31, 2006.