PFC FPO likely to hit market on May 10

State-run Power Finance Corporation's (PFC's) Rs 6,000-crore follow-on public offer (FPO) is likely to hit the market in the second week of May.

The FPO of the Navratna PSU is expected to open on May 10 and close on May 13, investment banking sources said.

PFC, which finance infrastructure projects within the country, had earlier this month filed draft prospectus with the capital market regulator Sebi.

The issue is awaiting approval of the Sebi, which is expected to come by mid-April.

The company would be coming out with an offer for sale of 22.95 crore equity shares of face value of Rs 10 each.

This would include fresh issue of over 17.21 crore equity shares and an offer for sale of about 5.74 crore equity shares by the government, as per the draft red herring prospectus (DRHP) with Sebi.

BofA Merrill Lynch, Goldman Sachs, JM Financial are among the five investment bankers managing the PFC issue.