Power Finance Board Raise Funds Plan for FY24
Power Finance Corporation (PFC) has recently announced its plan to raise funds for the fiscal year 2023-24. Here are the details of this announcement:
PFC’s board has given approval for raising funds from both domestic and foreign currency borrowings, including bonds, term loans, and commercial paper.
The board has approved borrowing up to ₹80,000 crore for the fiscal year 2023-24, excluding funds earned from extra budgetary resources (EBR).
The approved borrowing includes long-term domestic borrowing of ₹40,000 crore, long-term foreign currency borrowing/Rupee denominated foreign currency borrowings through the ECB of ₹20,000 crore, short-term borrowing of ₹10,000 crore, and commercial paper of ₹10,000 crore.
PFC has informed the stock exchange that its Board of Directors will be considering a proposal for the declaration of the 4th interim dividend for the FY 2022-23 on March 23, 2023.
April 1, 2023, has been declared as the “Record Date” for the purpose of ascertaining the eligibility of the shareholders for payment of said interim dividend, if so declared by the Board.
The shares of PFC closed at ₹154.05 apiece level on the NSE, up by 2.12% from the previous close of ₹150.85.
The stock recorded a total volume of 70,56,148 shares compared to the 20-Day average volume of 80,06,355 shares.
On a YTD basis, the stock has gained 2.91% so far in 2023 and gained 32.29% overall.
The stock touched a 52-week-high of ₹170.60 on (09-Mar-2023) and a 52-week-low of ₹97.10 on (20-Jun-2022).
During Q3FY23, the company recorded a promoter shareholding of 55.99%, FIIs stake of 16.85%, DIIs stake of 17.87%, and a public stake of 9.26%.
Overall, PFC’s decision to raise funds is a positive move for the company and its shareholders. With a strong financial standing and promising growth prospects, PFC continues to be a preferred choice for investors.
About Power Finance:
Power Finance Corporation (PFC) is a prominent central public sector undertaking owned by the Ministry of Power, Government of India. Founded in 1986, PFC is considered the financial backbone of the Indian power sector. As of September 30, 2018, PFC has a net worth of INR 383 billion, indicating its strong financial position and stability in the industry.
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