PFC Q3 net rises 17% to Rs 659 cr

State-run lending agency Power Finance Corporation (PFC) posted 17 per cent jump in its net profit at Rs 658.8 crore for the quarter ended December 31, 2010.

The company recorded a net profit of Rs 563.6 crore for the quarter ended December 31, 2009, the company informed the Bombay Stock Exchange (BSE).

Total income of the company increased to Rs 2,581 crore crore for the quarter ended December 31, 2010 as compared to Rs 2,030 crore in the same period last fiscal.

PFC, which is engaged in financing power generation, transmission and distribution projects, is likely to come up with a follow-on public offer to raise about Rs 7,000 crore in May, this year.

The Power Ministry, the parent ministry of PFC had sent a proposal for a 15 per cent fresh equity and 5 per cent disinvestment of government stake in the company in November, last year.

At present, the government holds 89.78 per cent stake in the firm. It had divested a 10 per cent stake through an initial public offer in 2007.

Shares of PFC closed at Rs 272.45, down 1.96 per cent on the BSE.