PFC drops in volatile trade

Power Finance Corporation lost 2.12% to Rs 254.05 on BSE after the government's stake sale in the company through an offer for sale was fully subscribed.

Meanwhile, the BSE Sensex dropped 550.93 points, or 1.96%, to settle at 27,561.38

On BSE, 2.99 lakh shares were traded in the counter, compared with an average volume of 2.15 lakh shares in the past one quarter.

The stock was volatile. The stock fell 0.01% at the day's high of Rs 259.50. The stock lost 2.83% at the day's low of Rs 252.20 so. The stock hit a 52-week high of Rs 315.90 on 1 December 2014. The stock hit a 52-week low of Rs 219.35 on 24 September 2014.

The stock had underperformed the market over the past one month till 24 July 2015, declining 5.79% compared with Sensex's 1.38% rise. The scrip had also underperformed the market in past one quarter, falling 5.03% as against Sensex's 2.46% gain.

The large-cap company has an equity capital of Rs 1320.04 crore. Face value per share is Rs 10.

Bids were received for a total of 15.41 crore shares for the Offer for Sale (OFS) of the Power Finance Corporation (PFC)'s shares till 15:30 IST, as per data from the stock exchanges. The OFS was subscribed 233.63%. The Government of India acting through and represented by the Ministry of Power, Government of India, the promoter of PFC has made an offer for sale of up to 6.60 crore shares, representing 5% of the total paid up equity share capital of the company (through a sale on the separate window provided by stock exchanges for this purpose. The OFS began at 9:15 IST today, 27 July 2015 and ended at 15:30 IST. The floor price of the offer is fixed at Rs 254 per share. Retail investors will be allocated offer shares at a discount of 5% to the bid price. The announcement was made after market hours on Friday, 24 July 2015.

PFC's net profit rose 10.6% to Rs 1560.76 crore on 15.1% increase in total income to Rs 6419.47 crore in Q4 March 2015 over Q4 March 2014.

PFC's main business is to provide finance to power sector.

Government of India (GoI) held 72.8% stake in PFC (as per the shareholding pattern as on 30 June 2015).

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