Power Finance Corporation Board approves RHP

The Board of Directors of Power Finance Corporation Ltd at its meeting held on April 24, 2011 have approved the Red Herring Prospectus (RHP) in respect of the proposed Further Public Offer of 22,95,53,340 equity shares by the Company comprising of a fresh issue of 17,21,65,005 equity shares by the Company and an offer for sale of 5,73,88,335 equity shares by the President of India, acting through the Ministry of Power, Government of India.

The stock was trading at Rs.223.05, down by Rs.5.15 or 2.26%. The stock hit an intraday high of Rs.230 and low of Rs.222.55.

The total traded quantity was 0.60 lakhs compared to 2 week average of 0.95 lakhs.

Source : Equity Bulls

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