Power Finance Corporation (PFC) rallied 5.99% to Rs 383 after the company sold its subsidiary, Solapur Transmission to Torrent Power for Rs 6.53 crore.
Solapur Transmission is a wholly owned subsidiary of PFC Consulting, it was established for the development of transmission system for evacuation of power from RE projects in Solapur (1,500 MW) SEZ in Maharashtra.
The power finance company concluded the sale of the special purpose vehicle (SPV) on Wednesday, 20 March 2024.
Power Finance Corporation (PFC) is a leading power sector public financial institution and a non-banking financial company providing fund and non-fund-based support for the development of the Indian power sector.
The companys consolidated net profit jumped 22.5% to Rs 4,727.40 crore in Q3 FY24 as compared with Rs 3860.25 crore in Q3 FY23. Total income increased 20% YoY to Rs 23,593.40 crore in Q3 FY24.
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