As many as 12 merchant bankers have bid for managing the stake sale of Rural Electrification Corp (REC) and 10 bankers for that of Power Finance Corp (PFC), the Department of Disinvestment (DoD) said
About a dozen merchant bankers, including the likes of JM Financial, HSBC, StanChart, have queued up to manage the 5 percent stake sale of PFC and REC , which could together fetch over Rs 2,700 crore to the exchequer.
As many as 12 merchant bankers have bid for managing the stake sale of Rural Electrification Corp (REC) and 10 bankers for that of Power Finance Corp (PFC), the Department of Disinvestment (DoD) said.
The bankers would be making presentations before the DoD on September 26. The government would sell stake in these two companies through the Offer for Sale (OFS) route. The government holds 72.80 percent stake in PFC and 65.64 percent in REC.
The government is also considering to allot shares to PFC and REC employees at a 5 per cent discount to the issue price up to a maximum of 10 per cent of the OFS size. The employees will be eligible to apply for shares up to Rs two lakh only.
At the current market price of around Rs 236 apiece, a sale of 5 per cent stake or 6.6 crore PFC shares would fetch the exchequer over Rs 1,500 crore. Besides, sale of 5 percent stake or 4.94 crore REC shares could fetch over Rs 1,200 crore to the exchequer.
The combined revenue to the exchequer from PFC and REC stake sale could be over Rs 2,500 crore. The government estimates to collect Rs 43,425 crore through disinvestment in PSUs. It has already initiated process for stake sale in RINL, ONGC , NHPC and SAIL .
Power Finance stock price
On September 24, 2014, Power Finance Corporation closed at Rs 235.80, down Rs 0.4, or 0.17 percent. The 52-week high of the share was Rs 344.20 and the 52-week low was Rs 120.30.
The company's trailing 12-month (TTM) EPS was at Rs 42.94 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 5.49. The latest book value of the company is Rs 207.38 per share. At current value, the price-to-book value of the company is 1.14.
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