PFC gains as its JV planning to rope in technical investor partners through competitive bidding

Power Finance Corporation is currently trading at Rs. 120.90, up by 0.75 points or 0.62% from its previous closing of Rs. 120.15 on the BSE.

The scrip opened at Rs. 120.20 and has touched a high and low of Rs. 121.35 and Rs. 120.15 respectively. So far 19564 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 153.75 on 18-Oct-2021 and a 52 week low of Rs. 97.15 on 20-Jun-2022.

Last one week high and low of the scrip stood at Rs. 122.35 and Rs. 118.40 respectively. The current market cap of the company is Rs. 31720.58 crore.

The promoters holding in the company stood at 55.99%, while Institutions and Non-Institutions held 28.95% and 15.05% respectively.

PFC Projects (PPL), an equal joint venture of Power Finance Corporation (PFC) and REC, is planning to rope in technical or strategic investor partners through competitive bidding to operate and maintain acquired stressed or non-performing assets (NPA) next year. The first such bid is likely to be floated next year.

The joint venture has been set up for taking over stressed assets or NPA in the power sector. Earlier this month, the boards of PFC and REC approved a subscription of 50 per cent equity each not exceeding Rs 50 crore each in the PPL. The PPL will explore both options of technical as well as strategic partners for running the acquired stressed power plants. It will select a technical or strategic partner for each acquired stressed project through competitive bidding.