PFC has received the consent of the ministry of power to go ahead with its FPO. The issue would consist of fresh dilution of 15% and an offer for sale of 5%. Based on yesterday’s closing price of Rs 316.50 and assuming roughly 22.95 cr shares the issue size would be in the region of approximately Rs 7250 crs. The issue timing would be decided in December 2010.
PFC has a market cap of Rs 36,200 crs and made a profit of Rs 1,353 cr for the half year ended September 2010.